Current Account
. No hidden costs

Truth-in-lending, with no hidden cost, no arrangement fee and no early repayment penalties, is our policy.

We offer a number of loan products suitable for everyone.

. Compare the cost of borrowing

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
Typical Payday 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
Typical Door to door lenders


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. London Mutual Credit Union - Typical loan products

By law, the maximum interest rate that a credit union can charge its members for a loan is 3% per month or 42.6% APR.

Interest rate

SCU Economy

From £100 to

35.2% APR
Up to 18 months
SCU Premier

Up to £7500

13.68% APR
Up to 36 months

All our loans are subject to our Loan Policy and Terms and Conditions. Interest rate is based on the type of loan being offered.

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. Financial health check


Whatever the situation with your finances, it’s good to know where you stand and that you are making the most of what you have. The health check, a new online money adviser from the Money Advice Service, is for everyone.

The Money Advice Service is an independent advice organisation, here to help everyone understand and manage their money better.

Taking just 10 minutes to answer some straightforward questions on the health check will give you a personalised action plan to help you sort out your money priorities now, and plan for the future – whatever your goals may be.

Best of all - it’s free and it’s unbiased.

Click here to take the Health Check now»

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. Debt test

Loans, credit cards, mortgage payments, bills - are you worried about your finances?

The Debt Test will help you to find out whether you have - or are likely to have problems with your borrowings.

-tell you whether you should worry about how much you borrow;
-give you tips on how to avoid debt problems; and
-help you to tackle your debts should you be in trouble.

Click here for Debt Test »

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. Borrowing money

Borrowing money, when done responsibly, can help build or restore a credit rating, make necessary purchases, return to school or create economic opportunity.

We have developed a number of loan products and financial programs to provide access to credit for Southwark, Lambeth or Westminster residents.

Anyone in receipt of benefits knows how hard it is to get help with a loan from most lenders - apart from loan sharks or door-to-door lenders who charge exorbitant interest.

London Mutual Credit Union is able to offer safe low cost loans to their members who are on qualifying benefits as well as those who are in employment.

Benefits can be paid into the Credit Union, we will deduct the agreed loan repayment plus a small amount for savings, and you can withdraw the rest.

Call us on 020 7787 0770 for further details.

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.. How to borrow

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 5 of our branch offices


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. Links on this page:
No hidden costs
Compare the cost of borrowing
Typical loan products
Financial health check
Debt test
Borrowing money
Apply for a loan online
How to Borrow


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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