Back to School
The weeks leading up to the return to school can often be costly, with shopping lists that feel never ending. Our aim as your local credit union is to offer the best financial support to our members, no matter your circumstances or borrowing needs.
We offer a range of loans for all members, as well as savings solutions and financial tips and advice. Scroll down to see some of the products and services that could help you with your back to school costs.
Savings & Loans Made Simple
Borrow from child benefit —and build savings too
Family life is full of the unexpected. That’s why, when you arrange to have child benefit paid into a credit union account, you’ll be eligible to borrow up to £600 (up to £1,200 possible on future loans) towards a childcare deposit, school uniforms or other one-off costs.
Anything left over goes into your membership account to build your savings, and once the loan is repaid can be used for Christmas, holidays or whatever else life has in store.
Family Saver Loan
| Borrow | Repay over | APR |
|---|---|---|
| Your first loan | ||
| £100 – £600 | 3 Months – 1 Year | 42.6% |
| Subsequent loans (subject to approval) | ||
| £100 – 1,200 | 2 Years | 42.6% |
Key Features
Approved credit limit that's there when you need it
Repayments deducted directly from your child benefit
Build savings as you repay
All incomes and employment statuses welcome
Eligibility Criteria
18-74 years old
Receiving child benefit
A UK home address
Live or work in Southwark, Lambeth, Camden or Westminster
Regular Savings
Get into the savings habit by making regular deductions directly from your pay each month.
- Save as you borrow
- Access your money via our mobile app
- Dedicated savings accounts for Christmas and holidays
Other Loans Available
If you are looking to borrow more and are currently employed, our other range of loan products are also available.
- Apply online in 15 minutes
- No early repayment charges or hidden fees
- No negative impact if you are not accepted
| Borrow | Repay over | APR |
|---|---|---|
| £100 – £4,999 | 3 Months – 3 Years | 13.68% |
| £5,000 – £7,499 | 1 Year – 5 Years | 6.9% |
| £7,500 – £15,000 | 1 Year – 5 Years | 5.9% |
News & Updates
Blog
Back to School: Where to get Financial help
If you are starting to feel stressed or are a bit worried about the costs of back to school, we have put together some organizations and ideas that might be useful to you…
Back to School: Credit Union Support
How can your local credit union help with covering the costs of back to school?
Personal Loans Apply in Minutes, Borrow up to £25,000 from as little as 4.5% APR (Subject to T&Cs). Learn more
About London Mutual Credit Union
Building a bank for the whole community
At London Mutual Credit Union, we believe that everyone should have the chance to make the most of money, and to be able to use it to reach their goals.
We work to make it simple for everyone to get into the habit of saving regularly, and provide a range of affordable loans and overdrafts at low rates for the times when you need to borrow too.
- Not-for-profit and owned by our customers
- Regulated by the Financial Conduct Authority (FCA) and PRA
- Your deposits up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS)
Budget Planner Our free Budget Planner puts you in control of your household spending and analyses your results to help you take control of your money. Learn more
Calculate My Loan
- Borrowing:
- Over: Months
- Representative: APR
- Total cost of this loan:
- Total repayable:
Fully Licensed and Protected
Eligible customer deposits with London Mutual Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits that customers hold above the £85,000 limit are not covered.