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Ipswich: New credit union office opens to attract borrowers

14:27 11 July 2014

Chris Mole, Mayor Bill Quinton and David Ellesmere at the opening of the new offices of the Eastern Savings and Loans credit union.

Chris Mole, Mayor Bill Quinton and David Ellesmere at the opening of the new offices of the Eastern Savings and Loans credit union.

A new weapon in the battle against payday lenders has officially opened in the heart of Ipswich.

The new office of the Eastern Savings and Loans credit union at the junction of Crown Street and Westgate Street was formally opened by mayor Bill Quinton.

The office has been converted from a former bakery with support from the borough council – and it aims to lend money to people at a much more reasonable rate than payday loans companies whose interest rates have come under fire over recent months.

The credit union has been trading from the unit for several weeks, and has already managed to encourage more customers through its doors.

Manager Chris Mole said: “Ever since we have been open here there have been a steady amount of new people that we haven’t seen before coming in to ask for our help.

“That is good news because we are often able to help and we charge a much lower rate of interest than the payday loans companies.”

As well as having a presence on one of the busiest streets in the town, next to one of its busiest bus stops, the new office is open much longer hours than the previous Austin Street headquarters – making it much more accessible.

The borough helped the credit union to make the move, and council leader David Ellesmere helped with the opening.

He said: “There is a real need for credit, but it is not right that those who struggle have to pay high rates of interest. This gives them a real alternative and I am delighted to see the credit union now has a presence in the town centre.”

7 comments

  • Nice to see Chris mole in charge as it was his party with borrow now and pay back if you can who got the country into the mess we are in. Any idiot can loan out money time will tell if it's paid back.

    Report this comment

    pandy

    Sunday, July 13, 2014

  • According to the tories the 'economy' is picking up !, we have loan shops, food banks, nail shops, coffee shops, fast food shops....all expanding !, no contract jobs, zero hours, part time, casual, don't ring us, we'll ring you when we need you !, meanwhile the sales in the UK of new Bentleys has gone up !, wealthy tories using their 5% Income Tax reduction !, yep it certainly 'sounds' like the economy is picking up ?

    Report this comment

    freedomf

    Saturday, July 12, 2014

  • Also remember you can have a savings account at the Credit Union, with all deposits covered by the FSA. An alternative from saving with the big banks. Great for people with a social conscience. Hope it goes from strength to strength!

    Report this comment

    Tolly

    Saturday, July 12, 2014

  • I wish them luck. The Union is a much better option than loan sharts and dodgy payday lenders and provides a much needed banking service to many people who are frozen out of high st banking. I know a lot of people on what can only be termed 'subsistance' income and they are constantly at the mercy of high street banks who will no hesitate to take 12 your weeks income because you accidentally went £2.50 overdrawn! Good luck to them- a much needed High St presence

    Report this comment

    Sentinel Red

    Saturday, July 12, 2014

  • So this is a good thing ? Credit Unions thrive in poor areas , so this should do well .

    Report this comment

    Poppys Dad

    Friday, July 11, 2014

  • Number one ,,, Its easy to borrow ,,, Number two ,,,Its harder to pay back ,

    Report this comment

    MIGUEL100

    Friday, July 11, 2014

  • Wonderful news, lets hope that it flourishes!

    Report this comment

    Stephen Pass

    Friday, July 11, 2014

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