Credit Union savings and loans for Queen’s Park Community Council
Queen’s Park Community Council Council (QPCC) has partnered with London Mutual Credit Union to help support staff with financial well-being. Joining the credit union makes it simple to save directly from your pay, as well as providing an affordable option if you need to borrow.
Here to help you save
— there if you need to borrow.
Through Queen’s Park Community Council’s partnership with London Mutual Credit Union, all employees are now able to join the credit union and take advantage of savings and affordable loans as an optional staff benefit.
If you decide to join, you’ll get a savings account and be able to set aside a portion of your salary each month. And for the times when you need to borrow, the credit union offers loans at rates from as low as 4.5% with transparent terms.
As a QPCC employee, your savings or loan repayments will be deducted directly on your payslip, saving you time and giving you peace of mind.
Each month before you receive pay in the bank it’s gone, so you don’t even miss it. Would highly recommend to anyone.
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 regulated by the Prudential Regulation Authority and the Financial Conduct Authority, and as members of the Financial Services Compensation Scheme, your money is protected.
London Mutual is London’s largest credit union and one of the leading community banks in the UK. Established by Southwark Council employees in 1982, it now serves over 38,000 members across London and beyond. This includes staff at Southwark, Lambeth and Camden Councils, Transport for London and the GLA.
A credit union
London Mutual is based in South London. Founded in 1982, it has over 35,000 members across local government, health, education and the armed forces.
Working for you
The credit union exists 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
As a credit union member, you can arrange to deduct a regular amount from your pay, making it easy to build savings or make repayments without hassle.
Doing good
Every penny the credit union makes is paid back to members as a dividend, used to support 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.
How it works
Any Queen’s Park Community Council employee can join online and begin saving or apply for a loan at any time.
Become a member online
You can join online at any time. As part of the joining process, we’ll ask for your payroll number, which will be used to identify you.
Save or apply for a loan
When you sign up, you’ll be able to choose how much to save each month. Need a loan now? You can apply at the same time as you join.
Membership account
After some standard ID checks, you’ll get a membership pack in 7-10 days. You’ll also receive your membership number, which you can use to access your money via our mobile and online apps.
We'll do the rest
We’ll pass your name and payroll number to your payroll department, letting them know how much you’d like to have deducted each month. No details are shared with anyone else.
When you're paid
Your savings or loan repayment will be deducted at the same time as tax and NI. The money will appear in your credit union account a few days later. You’ll receive the rest of your salary as normal.
Accessing your money
You can check your savings balance and withdraw it at any time using our mobile or web app. If you have a loan with us, anything saved in your Membership Account will be held until your loan is fully repaid.
Credit union member benefits
As a member of the credit union, you’ll be able to apply for any of our salary-deducted savings and loans.
Convenient savings
Start putting away some of your salary each month for a rainy day, or towards your long-term financial goals. Save as much as you can afford, and watch it grow. Salary deduction makes it effortless.
Affordable loans
Borrow anything from £100 to £25,000, at rates from 4.5% APR. Our personalised decision process means you’ve got the best possible chance of us saying ‘yes’, with convenient repayments from your salary.
Good to know
How do I get started?
If you work for Queen’s Park Community Council as a direct employee, you can become a member and begin saving or borrowing immediately.
Apply online and select ‘Queen’s Park Community Council’ from the list of employers when asked. Don’t forget to complete the payroll deduction part of the application and the amount you want to be deducted & saved every month. We will arrange the rest.
Who is eligible to join?
Credit union membership is now open to all Queen’s Park Community Council staff, regardless of where you live and work.
If you are on the Council payroll and receive a regular salary, you can join and take advantage of salary deduction to save or borrow. If you are employed by the Council indirectly or only on an occasional basis, you may also be able to join but will need to set up a direct debit with us.
What are the advantages of salary deduction?
Saving or repaying your loan via salary deduction means you don’t even have to think about it—the money is deducted and put into your credit union account on payday. This keeps things easy for you, as it means there’s no risk of overspending before you’ve had the chance to put some money aside to save or of missing a loan repayment.
This also helps keep costs down, allowing us to pass savings onto you in the form of better rates and more generous lending criteria than would otherwise be possible.
What happens if I change employers?
If you move jobs while being a London Mutual Credit Union member, you can keep your account with us. If your new employer does not offer payroll deduction, you’ll still be able to save regularly or make your loan repayments via direct debit- just let us know.