Eastern Savings and Loans Credit Union
Eastern Savings & Loans Credit Union was established in 2002 when the Registry of Friendly Societies gave permission for Ipswich Credit Union to operate across the town. In 2005 this extended to the whole county and in 2014 Ipswich & Suffolk Credit Union merged with Norfolk Credit Union and Cambridge City Credit Union, becoming Eastern Savings & Loans Credit Union.
Credit unions are owned by their members – the people who use their services – and everything they do is for their benefit.
As co-operatives, we serve our members on a profit-sharing basis. Being owners, our members have a big say in the way we operate and can vote to choose the directors who govern the organisation and make other important decisions. Each member’s ideas and opinions are valued equally no matter how much or how little they have in savings.
It’s a refreshing change from the big banks and other lending businesses who exist to make profits for their shareholders and big bonuses for their managers.
Credit union members’ savings provide a large pool of funds to lend to those members who wish to borrow. Interest on the members’ loans (which – unlike many other lenders – is capped at an affordable rate, by law) pays the credit union’s running costs and allows funds to be re-invested in further development. Surplus funds are then paid back to the members as a dividend on their savings.
In a credit union, lending decisions are normally made by people, not computers. By carefully assessing each applicant’s personal circumstances we focus on affordability and tailor the repayments to each member’s situation.
Credit Unions have been supporting their local communities in this way since 1964 and now provide safe savings, affordable loans and other financial products to over 1.2 million members in Great Britain.
What sets us apart from mainstream banking institutions is that we are a profit-sharing cooperative organisation. This means that money that members make and save from being a member stays in the local community. By coming together as a co-operative it gives all members access to affordable, ethical loans.
As an ethical lender, we assess each loan application on individual circumstances thereby enabling us to consider everyone, irrespective of their credit status or personal circumstances.
When you join ESLCU you benefit from becoming a shareholder, and when a cash surplus is generated it is divided between our members as a dividend on savings. We also offer FREE life insurance which includes loan protection insurance as standard. (T&C’s apply)
We are able to offer a payroll membership scheme, whereby regular savings or loan repayments can be made directly from salary for those who work in partnered organisations such as; East of England Coop, Norfolk & Suffolk Foundation Trust, Ipswich Borough Council, Cambridge City Council, South Norfolk Council and many more.
*Details correct at time of update 14/10/2021
Where to go
- Eastern Savings and Loans Head Office
- IP2 8DF
- Get directions