East London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Walthamstow and operating in the east London boroughs of Waltham Forest, Enfield, Haringey, Hackney, Newham, Redbridge and the Epping Forest district of Essex.
All members of the credit union were instant savers; different loans were provided depending on individual circumstances.
A member of the Association of British Credit Unions Limited,[1] registered under the Industrial and Provident Societies Acts, East London Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA.
Ultimately, like the banks and building societies, members' savings were protected against business failure by the Financial Services Compensation Scheme.
[2] The credit union went into administration and the FSCS declared it in default on 11 September 2019.