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  If you need that extra bit of money for a new car, holiday, or any unexpected expense, LMCU provides a number of loan products with low interest rates that are suitable for everyone.  As an ethical and fair organisation, we believe that borrowing money should be a carefully though through process, and the way we lend is built around you ability to repay. Truth-in-lending, with no hidden costs, no arrangement fee and no early repayment penalties is our policy.  Borrowing money, when done responsibly, can help build or restore a credit rating, make necessary purchases, return to higher education or create economic opportunity. We have developed a number of loan products and financial programs to suit everyone.

. .PREMIER LOANS

Our Premier Loans are available to all the members who are in employment. Subject to our loan policy and your ability to repay, we could offer you up to £7,500 loans payable up to 5 years. We
will charge 13.68% APR for all our Premier Loans. Typical example of our Premier Loan of £1000 borrowed over 12 months 
  Typical interest rate (APR) Monthly repayment Total
interest
Saving on interest
Credit Union 13.68% £89 £71 -
Credit cards 22.30% £93 £116 £55
Typical door-to-door lenders 177% £137 £644 £573

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. .SECURE LOANS

At present we do not provide the Secure Loans. This facility has been suspended.

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. .PAYDAY LOANS

CUOK is a short term loan that provides you with a simple and flexible solution to the cash needs you may have until your next payday. The interest rate on a CUOK loan is [42.6%APR] much lower than that charged on typical payday loan providers [5600%APR] , so taking out a CUOK loan saves you money and makes good financial sense.  Also, our terms are designed to fit your budget and personal circumstances.

Typical example of our CUOK Payday Loan of £400 borrowed over 30 days 

  Typical interest rate (APR) Monthly repayment Total
interest
Saving on interest
CUOK Payday Loan 42.6% £412 £12 -
Typical Payday Loan 5600% £548 £148 £136

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. .BENEFIT DIRECT LOANS

Anyone in receipt of benefits knows how hard it is to get help with a loan from most lenders - apart from loan sharks, door-to-door lenders or payday lenders who charge exorbitant interest. We will charge 35.1% APR for all our Benefit Direct Loans and you could repay it over up to 18 months.
London Mutual Credit Union is able to offer safe low cost loans to their members who are on qualifying benefits.

Benefits can be paid directly into the Credit Union Current Account, we will deduct the agreed loan repayment plus a small amount for savings, and you can withdraw the rest. Loans are typically repayable over 18 months. After a period of maintaining your account satisfactorily with the credit union, you will be able to borrow up to £1200. Usually when you paid one third of the loan you will be able to take a top up loan.

Typical example of our Benefit Direct Loans of £500 borrowed over 12 months 

  Typical interest rate (APR) Monthly repayment Total
interest
Saving on interest
Benefit Direct Loan 35.1% £49 £86 -
Typical door-to-door lenders 272% £76 £410 £324

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. .GENERAL INFORMATION

All our loans 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
If you wish to re-schedule your loan for whatever the reason, please let us know, we are happy to talk to you and come up with a most suitable payment plan for your need.

Experiencing difficulties with repayments
If you are experiencing difficulties with repaying your loan please talk to us immediately. Together we will be able to come up with a solution for you. It is important that you keep in touch with the credit union and maintaining the dialog. This will also help you to maintain a good credit history and improve / maintain your credit rating with the credit referencing agencies.

Loan progress tracking facility
Once you apply for a loan, we are committed to inform you how your loan is progressing. If we need any further information we will contact you. We will send a text [SMS] to your mobile at each stage of the loan process. You will receive a number of text messages from us to keep you informed on the progress of your loan application within each stage so that you know exactly when you will be able to receive your money.

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. .HOW TO BORROW

1) Complete the online loan application
2) Print & Complete the paper application
3) If you have already setup for one of our revolving loan facilities, you could apply when you log into your LMCU online services.
4) Over counter via five of our branch offices

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London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248)




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