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Credit unions are local, ethical organisations offering a simple range of financial products including savings accounts and loans to people with a “common bond”. This common bond might be those who live and work in an area or who work for the same company.  There are hundreds of credit unions all across the UK.

To become a member of a credit union you open a savings account. Savers are paid interest in the form of an annual dividend and borrowers pay interest on their loan. Operating costs are kept low and profits are effectively paid back to the members.  Credit unions are strictly regulated and monitored to protect the members’ savings and interests.

Liberty Credit Union have been offering savings accounts and loans to the those who live or work in Havering since 2003 and more recently have expanded to cover the London boroughs of Barking & Dagenham and Redbridge.