Eastern Savings & Loans celebrates a year of success

Eastern Savings and Loans Credit Union (ESLCU) look back at another good year of business and for the first time has achieved the significant milestone of a million-pound loan book.

The credit union has also reported a profit for 2018/19 and promised to share this with its members through the payment of a dividend.

ESLCU Chief Executive, Chris Mole said: “We have grown the number of people who have a loan from us, and this means more moving away from high-cost lenders and weekly payment hire purchase shops.

“It is great news that we have more than £1 million out on loan, this has been a target for the credit union since it was founded in 2002. Since that time, we have lent over £9 million to local borrowers and saved them around £4 million in interest costs.

“Because we are a membership cooperative, our directors will recommend we will be sharing our profit with our members in the form of a 0.25% dividend on the shares members held in 2018/19.”