Rating based on 39 reviews

London Mutual Credit Union – Credit Unions

Updated

  • Low-interest starting from 5.9%
  • Credit Unions up to £15,000
  • Repayment up to 60 months

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London Mutual Credit Union homepage

Author London Mutual Credit Union. Screenshot of London Mutual Credit Union website. [Accessed May 17, 2020]

About London Mutual Credit Union

What we do here at the London Mutual Credit Union is facilitate a financial cooperative that exists and was created for the benefits of our members who live and/or work in London Boroughs from Southwark to Camden.

Additionally, we serve members of the British Armed Forces and worshippers of the New Testament Church of God. 

We formed London Mutual Credit Union in 1982 to provide credit union services to employees of the London Borough of Southwark. Since then we have merged with six of the local credit unions. Ever since the beginning of the credit union method, it has demonstrated the principle of “People Helping People to Help Themselves” and this is still the same today.

Regulated and trusted

As with all other financial institutions, we are regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA). Members of can rest assured knowing that their deposits are protected by the same Financial Services Compensation Scheme that protects banks and building societies.

Our mission

  • Our number one mission is to provide our valuable members with access to reasonably priced financial services and encourage the development of financial wellbeing.
  • As a reputable credit union, we strive to empower the communities where we live and work in and it has always been an important part of our business philosophy.
  • As a community-based and member-owned financial institution, we do business in such as way that it contributes to the social, economic, and environmental wellbeing of the communities, in which we operate.

London Mutual Credit Union Services

Do you require financing for a new car, holiday, or any unexpected expense? We provide our members with a number of award winning personal loan products with low interest rates.

Responsible lender - We follow the practices of an ethical and fair organisation. Thus, we only lend responsibly and in a way that is built around your ability to repay the loan.

Standard features of the credit union

  • The credit union deals only with its members
  • The members choose how the surpluses are distributed
  • The credit union management is of a voluntary nature

Benefits of our services

  • No hidden cost
  • No arrangement fee
  • No early repayment penalties are our policy.

Build or restore your credit rating

As we understand that borrowing money responsibly can help build or restore a credit rating. It can also help make necessary purchases or pay for higher education fees. We have developed a number of quick loan products and financial assistant services to make it possible for you to reach your financial goals.

We offer the following loan types to members

  • Plus Loans
  • Gold and Platinum Loans
  • Pay Day Loans
  • Premier Loans
  • General Information
  • Saver Loans

With our range of long and short term loans, you are sure to find a loan that is best suited to your personal requirements.

London Mutual Credit Union Product Details

  • Loan Type Credit Unions
  • Interest Rate from 5.9%
  • Loan Amount up to £15,000
  • Repayment 1 months to 60 months

Summary of Services

How to get the loan you need today!

In order to apply for one of our loans, we require you to register as a member.

All loans through London Mutual Credit Union are subject to our loan policy and the loan amount is also subject to your ability to repay your loan.

Changes to your loan agreement

Members who are in a position that requires restructuring of their loans are encouraged to please let us know, we are happy to talk to you, and find the most suitable payment plan to suits your needs. Should you be experiencing difficulties with repaying your loan, please talk to us immediately. We want to find a solution that caters to your best interest. Additionally, it will also help you to maintain a good credit history and improve or maintain your credit rating with other credit reference agencies.

Loan progress tracking facility

We will inform you on the progress of your loan once you have applied via our online loan application form. Should we require additional information to process your loan, we will contact you. A text message will be sent to your mobile at each stage of the loan process so that you know exactly when you will be able to receive your money.

Reasons for credit unions

  • We help our members by allowing them to help themselves. This includes saving on a regular basis thereby building up a fund of money
  • To create a source of credit for the benefit of members at a fair and reasonable rate of interest
  • To help members use their resources to the best advantage
  • To promote the overall welfare and wellbeing of the community

Other features of our credit union

  • Members of the credit union own and control the credit union
  • The members have a say on the distribution of surpluses
  • The credit union is managed on a voluntary basis

The success of credit unions

Worldwide, credit unions are successful in helping people gain control over their personal finances and reach financial wellbeing. It has also been proven to be an effective method of teaching the value of voluntary action and community development. The members are the credit union and thus, own and control the credit union collectively.

Customer Reviews & Testimonials

My parents joined LMCU shortly after they opened and when the time came many years later so did I.
They offer me low-interest rates on any loans I need and I am happy to be a member.

Aubrey K
— London —

Decent credit union that doesn't have a ton of extra or hidden costs. They offer quite a bit of value to their members.

Eugene R
— London —

London Mutual Credit Union Contact Details

Physical Address

Opening Hours

  • Monday 09:30 – 16:30
  • Tuesday 09:30 – 16:30
  • Wednesday 09:30 – 16:30
  • Thursday 09:30 – 16:30
  • Friday 09:30 – 16:30
  • Saturday 09:30 – 16:30
  • Sunday – Closed