How it works
With a single predictable monthly repayment and repayments straight from your salary, using your Commodo card is hassle-free.
1. Join the waitlist
Commodo will be available from mid September. To keep our standards of service high, initially it will be available to a limited number, via a waiting list.
To join the wait list, leave us your details, and we’ll tell send you a link once everything’s ready.
2. Apply and set up
Before we can issue you your card, we’ll ask you to complete an application for the loan. Because we do a ‘soft’ credit search, it won’t hurt your credit score, even if your application isn’t approved.
The form will also help you set up payments straight from your salary.
3. Spend using your card
Use your Commodo card anywhere a MasterCard debit card is accepted.
Debit card transactions are all included, with a small charge for ATM transactions.
4. Predictable payments
The same amount (calculated as 1/18th of your card limit) will come straight out of your pay each month.
If you pay in more than you’ve spent, the money is yours to spend, or you can transfer it into your savings. We won’t charge interest.
5. Take a holiday
For up to 30 days per year, overseas payments are on us, with no additional charges or fees.
Once a year, you can also arrange a one-month holiday where your repayments will be paused.
6. Auto-land at any time
If your plans change or you want to get back on top of things, you can pause the debit card. You can then pay off the balance as you would any other loan.
Repayments will continue, with the balance paying itself off in 18 months or less.
Building a better bank
Commodo is provided by London Mutual Credit Union, a not-for-profit community bank which is owned by our customers.
We were founded by employees of Southwark Council in 1982. Since then, we’ve had one mission: serving our member communities by providing fair and ethical financial services that are relevant to their needs.
Our branch on Rye Lane in Peckham, which also serves as our HQ. Look out for our other branches on Walworth Road, and in Acre Lane in Brixton.
If you’d like to join the waiting list for Commodo, simply leave your details here.
We’re still a month or two away from being able to launch, so we’ll send you an application link as soon as things are ready.