Joining a Thrift and Loan Co-op is one of the best ways by which you can free yourself from financial difficulties and at the same time inculcate the habit of thrift. The idea of a Thrift and Loan Co-op was first mooted as far back as 1925. Wage earners were then at the mercy of unscrupulous moneylenders who charged exorbitant rates of interest. The thrift and loan type of co-operation was then introduced in Singapore to combat widespread usury and indebtedness. It was also the earliest form of co-operative movement in Singapore.
SSBEC T&L Society Ltd
The Singapore Statutory Boards Employees’ Co-operative Thrift and Loan Society is a registered co-operative in service to members since 1925. Its’ main objective is to combat widespread usury and indebtedness. The co-operative is actively accomplishing this mission. The Committee members together with the co-operative members has joined forces in order to make this Society grow its membership base. We ensure that everyone’s needs are met so they can feel a sense of belongingness to the co-operative.