Your NHS
credit union
Regular savings and low-cost loans for NHS staff across Greater London
At London Mutual Credit Union, we’re building a better kind of bank—not for profit, and owned by our members. Membership is now open to anyone working in healthcare in Greater London. Borrow from just 4.5% APR.
A not-for-profit credit union you can trust
Salary deduction service at eligible NHS trusts
Apply for a loan at the same time as you apply to join
Borrow up to £25,000 from just 4.5% APR
Why borrow with a credit union?
No hidden fees
No ‘arrangement fees’, hidden costs or penalties for early repayment, just the agreed monthly payments including interest, making it easy to plan your finances.
Manual decisions
Your application will be considered by a real person, not a computer. We’ll consider your situation, such as your ability to repay and and existing commitments.
Low rates
Our rates reflect the true cost of providing your loan, and the level of risk. That means we’re usually cheaper than online lenders and high street loans and overdrafts.
Save as you borrow
We encourage you to pay a little extra on top of your repayments each month. This makes it easy to build up a pot of savings at the same time as you repay your loan.
Calculate my loan
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.
Important information
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.
Representative example
- Monthly repayment:
- Representative APR:
- Total repayable:
London Mutual Credit Union loans are subject to our lending criteria and are assessed on your ability to repay the loan as well as the terms and conditions of membership of London Mutual Credit Union. Fees, pricing and qualification information displayed on this page are for illustrative purposes only. Applying for a loan may affect your future ability to take out credit.
Who can join?
Membership of London Mutual Credit Union is now open to anyone working in a healthcare-related occupation across Greater London, regardless of your employer. Examples of eligible occupations include, but are not limited to:
- Nursing staff
- Medical doctors
- Medical and care managers
- Allied health professionals
- Paramedics and ambulance staff
- Dentistry
- Opthalmology
- Healthcare assistants
- Community health
- Chemist and Pharmaceutical staff
- Medical engineering
- GP Practice clinical staff
- Complementary medicine
- Midwifery
- X-ray operators
- Family planning
- Psychology
- Radiography
- Registrars
- Medical sciences
- Medical technical staff
Salary deduction partners
In addition, if you work for one of the four NHS Trusts below, you’ll be able to take part in our salary deduction scheme, with savings and loan repayments deducted straight from your pay.
How we’re different
A credit union
Salaryflex is provided by London Mutual Credit Union. We’re a community bank based in South London, founded in 1982 and owned by our members.
Working for you
Our mission is to help everyone in our community get into financial shape—not to make a profit. So you can trust us to act in your best interests.
Salary deduction
We work with your employer to deduct a regular amount from your pay, making it easy to build savings or make repayments without hassle or worry.
Doing good
Every penny we make is paid back to our members as a dividend, used to support our community work, or reinvested in our services.
What can I get a loan for?
Home improvements
Whether it’s a loan for new furniture, or a larger project such as new kitchen or conservatory, we can help.
Paying off debts
Pay off your credit card or overdraft sooner with a simple monthly repayment at a reduced interest rate, deducted from your salary.
Buying a car
Borrowing from a credit union can often be cheaper than purchasing via car finance, with a lower rate of APR and simple terms.
Short-term expenses
We encourage members to save for a rainy day, but that isn’t always possible. Don’t lose sleep—let us help you deal with the unexpected.
Building credit
Having a below average credit score can limit your options and leave you wide open to exploitative interest rates. We can help you re-establish good credit by starting small and building from there.
Getting married
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 rings and preparing for a day you’ll both remember forever.
Application fees
If you’re looking to make the UK your permanent home, application fees shouldn’t be a barrier. In some cases, we may be able to help with a credit union loan that could enable you to settle sooner.
Other purposes
Got something in mind not listed here? In many cases, we’ll be able to help.
The key is to apply for only what you need, ensuring that the monthly repayments are affordable to you.