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 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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Free Loan Protection Insurance |
What is Free Loan Protection?
Credit unions provide free life insurance on your
credit union loan, one of the unique benefits of credit
union membership. This means that in the event of your death,
your credit union loan balance is paid off by this insurance
so you needn't worry about passing on debt to your next
of kin when you die.*
This benefit fulfils one of the credit union movement's
unique principles of ensuring that the member's debt dies
with them. It is a unique benefit to credit union members
and would cost extra money with most other institutions.
What Does Loan Protection Cover?
Loan Protection insurance automatically covers
100% of credit union loans held by members aged between
16 and 80, to a maximum value of £10,000. If your
loan amount is higher than £10,000, Loan Protection
insurance will cover the first £10,000 of the loan.
When does Loan Protection Not Apply?
Any new loan agreements are subject to a six month
Pre-existing Condition Limitation. This means that should
you die as a result of a pre-existing medical condition
(for which medical advice, consultation or treatment was
received), within 6 months of taking out your loan, Loan
Protection insurance will not be applied.
Loan Protection Insurance does not cover death due to HIV/Aids,
Suicide, Terrorism or War.
*Terms
and conditions apply
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