Plan Ahead for Christmas with London Mutual Credit Union

If you choose to borrow this Christmas, a credit union personal loan can be a great option. Here's everything you need to know about applying.

As the holiday season approaches, streets light up with festive decorations, and shops prepare for the most wonderful time of the year. Even if it still feels a little way off, now is the ideal moment to get ready!

If you are considering a Christmas Loan, London Mutual Credit Union has you covered.

Important: The Christmas Loan Deadline

If you do plan to borrow with us, one important date to bear in mind is our Christmas loan deadline. This year, the deadline is the end of the day on Sunday, 10 December. To give yourself the best possible chance of receiving your loan in time, please submit your application before this date. If we receive it after the deadline, we will try our best, but no guarantees!

Do I need to borrow for Christmas?

With the cost of living on everyone’s minds, this is set to be another Christmas which is tough to juggle financially. How you go about managing this is very much a personal decision—some people will prefer to cut back, set a strict budget, or save in advance, while others will choose to borrow to help spread the cost. Our goal is to give options and to make sure that if you do decide to borrow, it is clear and affordable.

Why Consider a Christmas Loan from London Mutual?

If you do decide to borrow, a credit union loan can be a great option. Our rates often compare well with credit cards or overdrafts, let alone expensive high street and online lenders.

How to apply for our Christmas loans

Applying for a Christmas Loan with London Mutual Credit Union is simple and hassle-free:

  1. Online Application: visit our Apply for a Christmas Loan page to learn more about your options, calculate a loan and get started. It should take 15 minutes or less to apply for your loan. You will usually get a decision from us within 7-10 days.
  2. In-Person Visit: If you prefer a personal touch, visit our branches in Peckham or Elephant and Castle. Our friendly staff will give you an application form, which you can fill in then and there.

Apply risk-free if you are on a low income or unemployed

As a credit union, we are here to serve the whole community, including if you are on a lower income, not currently working, or have less-than-perfect credit. All applications are based on an individual financial assessment of affordability and your ability to repay. And because we carry out ‘soft’ credit searches, there is no harm to your credit file if we can’t approve your application.

If benefits are your main source of income, we also offer convenient benefits-deducted loans of up to £600 (42.6% APR) with affordable monthly repayments directly from your benefit.

Explore our Christmas loan options

London Mutual Credit Union offers a range of loan options to suit your needs:

  1. Personal Loans: Borrow from £100 to £15,000 for any purpose with fixed repayments (starting at 9.38% APR).
  2. Child Benefit Loans: If you receive Child Benefit and are happy to have it paid into your credit union account, you can borrow up to £600 and repay over 3-12 months (42.6% APR).
  3. Booster Loans: If you are unemployed or have poor credit, we may be able to offer you a Booster loan. This will let you borrow up to £600 on your first loan (42.6% APR) and up to £1,200 on future loans.

Conclusion: Plan ahead, apply early, stress less

Not everyone chooses to borrow at Christmas. But if you decide a Christmas loan is right for you, it is better to plan ahead. ‘Planned’ borrowing, such as a London Mutual loan, means it is clear from the start how much the loan will cost you and how long it will take to repay. That is a much better bet than ‘unplanned’ borrowing such as credit cards or overdrafts. These types of borrowing are more open-ended and often charge a higher rate of APR, which can make it easier to get into problems with debt.

Be sure also to remember the Christmas deadline of 10 December to avoid disappointment and stress.

So, plan ahead, apply early, and let’s make your holiday season merry and bright with London Mutual Credit Union!

Here are some of our most-asked questions

Charles Nyamukasa

Digital Marketing Apprentice at London Mutual Credit Union.

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