The Credit Union for NHS and healthcare staff across Greater London

London Mutual Credit Union is a better kind of bank. We’re not-for-profit, and have members instead of customers. Anyone working in healthcare in Greater London is now eligible to join. 

As a member, you’ll be able to build savings and borrow at low rates. And, if you work for an eligible NHS Trust, savings and loan repayments can be deducted directly from your salary.

Example: £5,500 borrowed over 36 months. 12.68% APR. Total repayable: £6,576.43

Savings & Loans Made Simple

Regular Savings

Get into the savings habit by making regular deductions directly from your pay each month.

  • Save via your NHS salary or direct debt
  • Access your money via our mobile app
  • Dedicated savings accounts for Christmas and holidays

Great Value Loans

Whether for an emergency, paying for a holiday, or buying a car, borrow up to £25,00 at great rates, with salary-deducted repayments.

  • Apply online in 15 minutes
  • No early repayment charges or hidden fees
Borrow Repay over APR
£100 – £2,499 3 Months  3 Years 19.5%
£2,500 – £4,999 6 Months 5 Years 16.68%
£5,000 – £7,499 6 Months  5 Years 12.68%
£7,500 – £9,999 6 Months  5 Years 9.2%
£10,000 – £15,000 1 Year 7 Years 7.4%

What is a Credit Union?

Credit Unions are not-for-profit financial co-operatives, owned by, and run for, their members, based on the ideal of ‘people helping people’.

All UK credit unions are fully regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and as members of the Financial Services Compensation Scheme, you can be confident your money is in safe hands.

Very pleased with the interest rate and the fantastic service.

Pauline Guy’s & St Thomas NHS Foundation Trust

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.

Personalised Decisions

Your application will be considered by a real person who will look at the big picture and make a decision based on your ability to repay.

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 savings as you repay.

No Hidden Fees

No ‘arrangement fees’, hidden costs or early repayment penalties, just the agreed monthly repayments including interest.

Salary Deduction Employers

If you work for one of the employers below, savings and loan repayments will be deducted straight from your pay.

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

Calculate My Loan

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Monthly repayment:
  • Borrowing:
  • Over:  Months
  • Representative:  APR
  • Total cost of this loan:
  • Total repayable:
Apply for this loan

All loans are subject to affordability checks and our Terms & Conditions. Loans are offered subject to status to members aged 18 or over. The rates displayed on this page are for illustrative purposes only, and the actual amount and interest payable will be indicated in the Loan Agreement provided when we offer you a loan.

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.

How We’re Different

A Credit Union

We’re a  community bank based in South London, founded in 1982 and owned by our members. We’ve been working with NHS staff for over 25 years.

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 London Ambulance Service 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.

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.