Look to local Credit Union for loans and savings advice

Published Friday, 16th December 2016

Pig shaped coin bank

Southend-on-Sea Borough Council is encouraging residents to turn to Essex Savers Credit Union over unscrupulous loan sharks if they are in financial difficulty this Christmas.

With the pressure and expectation of the festive season too much for many, it is all too common for people to turn to loan sharks or payday loan companies that charge extortionate interest and create further problems.

Instead the council says local people should consider joining the Essex Savers Credit Union, which offer short and long term loans, and a range of savings options.

Essex Savers operates out of The Hub in the Victoria Centre on a Wednesday from 10am to 4pm, in the Southend CAB offices between 10am and 1pm on Thursdays and the Southend High Street Barclays Bank on a Friday between 11am and 2pm.

Andrew Moring, Executive Councillor for Corporate and Community Support says: “Loan sharks operate illegally and often target the most vulnerable members of society, quickly trapping them into spiralling debt and then resorting to the most extreme and callous methods to get their repayment. 

“We all know that the festive period can be a difficult time financially for many families but I would urge those having problems to look towards the Essex Savers credit union if they need help. They offer a range of short and longer term loans with reasonable interest rates, and a number of savings options such as payroll deduction that could get you off to the right start in 2017 and prepare you for next Christmas.

“Even if you do not decide to join, they can offer advice in person and their website is full of useful savings tips.”

Visit Essex Savers for more information.