The service point for Essex Savers in Billericay was established at the public library in February 2014, joining others across the county. It aims to attract savings from members of the public, then utilses these funds to provide loans to those in desperate need. By providing low cost loans it hopes to discourage people from approaching pay-day lenders and loan sharks.
The service points are run by volunteers, who give a couple of hours a month to run the service. This minimizes administration costs and releases more funds for lending. More volunteers are always welcomed. You can see details of both the services and volunteering at the Essex Savers website or by visiting the service point in Billericay Library on Tuesdays between 10.00am and 12.30pm.
How Essex Savers can help you...
Essex Savers offers a range of accounts to help you save securely for many purposes. The range includes:
Junior Savers for young people under 16
Budget accounts to help with regular expenses
Rent-direct accounts that pay directly to the landlord
Special saving accounts to fund major purchases
Prepaid debit cards.
Your investment is protected by the Financial Services Compensation Scheme up to £85,000. Savings accounts pay a dividend if Essex Savers is in surplus for the year.
Essex Savers offers highly competitive interest rates and flexible terms on its range of loans:
General loans for up to 3 years to finance a variety of purchases.
The typical total interest for a one year loan is 13.4% of the sum borrowed
Short term loans to tide you over until your next pay day or for just a few months. The interest rate is 3% per month or 42.6% APR
Small business loans to help growing enterprises with their promotion.
There are no hidden costs, arrangement fees or penalties for early repayment.