CUOK Pay day loans are available from London Mutual Credit Union (LMCU) exclusively for people who live or work in Southwark, Lambeth, Westminster or Camden. Our members benefit from significantly lower interest rates than are available from other short term loan providers. A payday loan from LMCU can help see you through until your next payday and won't weigh you down with sky high interest rates. By being a member of the credit union and using our CUOK loan service you will be able to make considerable savings on interest payments compared to using other payday lenders. CUOK also gives you the opportunity to pay back your loan over 3 months. It’s a flexible product that gives you control over how much you borrow and how much you want to pay back each month.


  • Loan amount £100 to £1,000 maximum*
  • Interest rate of 42.6% APR: typical interest on a £400 loan payable over 1 month will be £12
  • Affordable and flexible loan repayment plans - you can choose to pay off your loan over 1, 2 or 3 months and you can select the amount you wish to pay
  • No late payment penalties
  • No early repayment charges or penalties
  • Faster processing options available

* The maximum amount you can borrow for your first CUOK loan is £400. Subsequent CUOK loans can be for up to £1000 payable over 6 months, depending on your repayment record

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  • You live or work in Southwark, Lambeth, Westminster or Camden and become a member of London Mutual Credit Union
  • You are employed and earn more than £12,000 per annum
  • You have a current account where you pay your salary
  • You have a valid debit card
  • Your current account has a Direct Debit facility

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By law (Credit Union Act 1979), the maximum interest rate that a credit union can charge its members for a loan is 3% per month or 42.6% APR. The illustration below shows how much you will save in interest charges if you take out a CUOK loan compared to a typical payday loan.

  CUOK payday loan Typical payday loan
Loan amount £400 £400
Number of days 30 30
Interest rate 42.6% 3500%*
Interest charges £12 £120
Optional same day payment £11 0

CUOK Loan could save you £101 in interest charges

Same day faster payment
If you need your loan paid into your current account on the same day, the credit union incurs a small charge for this service which we will pass to you. If you prefer not to pay this charge, we could pay your loan using a BACS payment which would take 3 working days for the money to be credited to your current account.

We do not charge for:
1. Late payments — if you pay your loan later than the agreed date, we do not charge you any penalties. You will only pay the interest accumulated on your loan on a daily basis and that is it.
2. Early payments — if you pay your loan earlier than the agreed date, we will only charge you the interest rate accumulated on a daily basis at 42.6% APR by the settlement date. For example, for a £400 loan, the daily interest rate of 27pence will be accumulated for each day the loan is outstanding and nothing else.

Loan repayment period
You can repay the whole loan and interest and other charges on your next pay day, but if this is just going to make you short of money, then you can repay the loan over two or three months to make it more manageable. The difference in interest is minimal and you can check this before you make your application.

If you decide to repay a loan earlier than the agreed date, we will only charge you interest on a daily basis at 42.6% APR from the time you took out the loan to the settlement date.

If you know that you want to repay this loan over a period longer than 3 months, we could also help you. Apply through the normal application process and once the loan has been approved, just let us know that you want to change the loan repayment period. We will then ask you to sign a different loan agreement that suits your needs.

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To apply for a CUOK Payday Loan, click here to go to the CUOK website where you will find the online application form and much more information about the benefits of taking out a CUOK Payday Loan.

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