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What is a credit union?
In figures
Good to know
What is a credit union?
A credit union is a financial cooperative owned and controlled by its members. We provide the same services as banks but operate on a not-for-profit basis, putting members’ needs first rather than maximizing profits.
Am I eligible to become a member?
Anyone living, working, or studying in our common bond areas of Southwark, Lambeth, Westminster, and Camden can join London Mutual Credit Union. We also welcome all employees of Transport for London, health and education professionals in Greater London, as well as members of HM Forces worldwide.
What makes a credit union different from a bank?
Unlike banks, we’re a not-for-profit financial co-operative owned by our members, not shareholders. We reinvest our profits back into better rates and services for our community.
Do I need to be a member to get a loan?
Yes, but you can become a member at the same time as you apply for your loan. Once your membership is approved, your loan application will be assessed immediately.