Access to affordable financial services has long been an issue for many people in our community. Whether it’s getting an affordable loan, having somewhere safe to put your savings, or managing your money day to day, the ability to access the right services is essential to help you stay in control of your money.
For many years, credit unions have been an important provider of financial services for local communities. Hexagon residents are well served by credit unions, with all of the boroughs we serve having a credit union that residents can join on account of living in that borough. Joining your local credit union can be a good way of getting access to services.
In addition, Hexagon works in partnership with London Plus Credit Union. This means that all Hexagon residents are able to join London Plus to access financial services. Key services offered by London Plus include:
- Affordable loans. Loans are offered to credit union members (subject to underwriting and acceptance) at a fraction of the cost of loans from most home credit companies or payday lenders. While it’s always best to avoid borrowing if you can, a credit union loan can be a good way to pay for expensive items or cover an unexpected bill if you do need to borrow.
- Safe savings. The credit union offers a place where you can save money safely. Saving a little regularly is often the best way to build up money to pay for expensive things, and having a little money put aside for a rainy day can help you avoid going into debt if something unexpected happens.
- Day-to-day money management. London Plus offers a number of different services to help you manage your money on a day-to-day basis. Their pre-paid debit card* gives you an easy way to access your money, and enables you to pay for things in shops without needing to use cash. The credit union also offers a “budgeting account”*, which can help you to manage your expenses and make sure that all of your bills are paid (and get all of the savings that go with direct debit payments), without incurring the charges that can arise if a direct debit is unpaid for any reason.
If you would like to know more about joining London Plus, call our Financial Inclusion Adviser, Jason Herbert, on 0208 768 7925. Alternatively, you can call the credit union directly on 020 7471 2620, or view their website at www.londonpluscu.co.uk. Remember, as a Hexagon resident you are eligible to join London Plus regardless of where you live.
You could also join your local credit union if you prefer; contact details for all of these are provided below:
Lewisham Plus Credit Union (for residents in Lewisham) – 0208 778 4738
London Mutual Credit Union (for residents in Southwark) – 0207 787 0770
Greenwich and Bexley Credit Union (for residents in Greenwich and Bexley) – 0208 855 4344
Croydon Savers Credit Union (for residents in Croydon) – 020 8760 5711
*Some charges apply to this service.