Calculate my loan
Save hundreds of pounds compared to credit cards and overdrafts
Who can apply?
Current members can apply for a loan at any time. Assuming you live within our common bond and are eligible to join, it is also possible to become a member at the same time as you apply for a loan.
Certain products and promotions are only open to those who have been a member for a certain period of time, have a certain amount saved with us, or who are signed up for payroll deduction.
The application process
Our online application form is straightforward, and should take about 15 minutes to complete. Before you begin, it's worth having your national insurance number handy, as well as a photo or scan of your payslip and bank statements. You may be asked to provide these as part of the process.
Once your application has been received, it will be looked at by a member of our loans team, who will use the information you've provided to decide whether or not we can approve your application. This can take 7-10 days. We'll update you by SMS and let you know the outcome when this step is complete.
If your application is approved, you'll be asked to sign a loan agreement setting out the terms of your loan, including details such as the amount to be borrowed and the repayment period.
Once the loan agreement is signed, we'll transfer the funds into your account within 2-3 working days. Loan repayments will then take place on the date and via the method agreed.
Will I be accepted?
We will make a decision based on how much you have applied for, and our assessment of your ability to repay. We'll do this by at your income, expenditure and credit history. When you apply, we may ask you to provide bank statements and payslips as evidence of this.
All loan decisions are made by a person, not a computer, and so we will always try to take the whole picture into account. In cases where we can’t approve the full amount, we may be able to offer you a lesser amount, or an alternative rate.
How to apply
You can apply at any time using our online application process. Simply use the calculator on this page to decide how much you'd like to borrow and over what period of time. Then, click 'apply for this loan' to begin the process.
You can also apply in person in any of our branches - just be sure to bring valid ID and proof of address, payslips and bank statements with you.
This summary is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing. All loan decisions and actual rates are dependent upon personal circumstances and credit reference information provided to us by Credit Reference Agencies.
Ask for a personalised illustration. Loan products may be withdrawn at any time and are subject to availability at the time of application. London Mutual Credit Union cannot be held responsible for any errors or omissions.
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How it works
Finance built for life in the Armed Forces
As a credit union, we’re owned by our members. We exist to support your financial well-being, not to make a profit.
We already serve over 30,000 members across London, and in partnership with the MOD, membership is now open to members of the UK armed forces as well.
Borrow or save
Our award-winning range of loans, savings and current accounts are designed to make it easy for members to get their finances into shape.
We understand the realities of armed forces life, and consider applications based on individual circumstances, not just a score or a number.
Types of loans available
What types of things are loans available for?
Buying a car
We know how vital it is to have a reliable set of wheels so you can get home.
Borrowing from a credit union can often be cheaper than purchasing via car finance, with a lower rate of APR and fewer complications.
Credit cards, overdrafts and other types of borrowing can quickly add up.
A credit union loan can help you to pay it off sooner, with a single convenient, salary-deducted repayment at a reduced rate of interest.
Settlement & citizenship
If you’re looking to make the UK your permanent home, application fees shouldn’t be a barrier.
We know it won’t always be possible to save, so a credit union loan could enable you to settle sooner.
Sometimes life doesn’t wait for you to say ‘I do’. If you’re ready to pop the question, we can help you sort the rest.
A credit union loan can help to spread the cost of a ring and other preparation for a day you’ll both remember forever.
What’s on offer
Our services for Army, Royal Navy and RAF members
Who we are
London Mutual Credit Union
London Mutual is one of the UK’s leading credit unions. Credit unions are owned by their members and run not-for-profit.
For over 30 years we’ve served communities across London. Now, in partnership with the Ministry of Defence, our services are available to the UK armed forces too.
Ministry of Defence
We work in partnership with the MOD, working to build the financial strength of armed forces personnel and their families through its ‘Joining Forces’ initiative.
Through our work to improve the financial resilience of members of the armed forces, London Mutual has been awarded the Armed Forces Covenant Bronze Award.
In 2015, we were honored to welcome Sgt Johnson Beharry VC as our first member from the armed forces.