Get a loan without being ripped off

IN these times of economic uncertainty, few can be confident of their future finances, so it is prudent for us all to ‘squirrel away’ some money as savings.

Too many people come to Essex Savers in crisis, wanting substantial loans, though they are not our members. This limits the help we can offer. If only they had joined us before! In contrast our members are able to come to us repeatedly to borrow when they need to, while saving regularly with us.

We need the people of Essex to save with us so that we can meet the increasing demand for our loans. The majority of our loans help the least well off, those faced with redundancy and struggling families, whose only option otherwise would be the growing array of predatory lenders on our High Streets and doorsteps, charging interest rates between 200% -15,000% APR.

Business is booming for these lenders - people are desperate!

The repercussions of this type of lending are paid for by our communities who have to address the associated problems: over-indebtedness, family breakdown, crime and other social troubles. This is happening at a time when budgets are tight, for individuals and councils.

Essex Savers lends members small amounts so that they do not have to resort to high interest lenders, so avoiding these problems and reducing the amount they pay for credit, more ‘money in their pockets’.

Essex Savers services - they have lent more than £1m over the last four years - are increasingly needed as an alternative to: our High Street banks, who are reducing services and charging more; Building Societies, who are now ‘few and far between’ and the high interest lenders, who are ‘having a field day’!
Essex Savers must scale up its business to meet this demand and become sustainable, able to provide its services on a permanent basis without resort to external funding.

To achieve this, we need members who can save with us, so please do consider joining us. Save what you can, even if you are still a happy High Street bank customer.
 
You will then be assisting us in providing for those without access to banking services: the vulnerable, those in rural isolated areas or on irregular incomes as well as reducing the costs to the community and yourself of the social problems that result from predatory lending. You will also have access to an affordable loan should you need one.

We look forward to welcoming you as a new member of Essex Savers. If you are passionate about economic justice, a ‘level playing field’ for all, then become a volunteer with us.

There are opportunities to help run a local service point in your locality – a few hours each week - or offer yourself as Board member and share your experience.

For more information please contact our Main Office.