Loans

Make things happen with loans from just 4.5% APR

Whether it’s money for a new car or kitchen, a loan to get on top of your existing debts, or help to deal with life’s little emergencies, we’re all about helping our members to access fair, affordable credit when they need it.

Learn more about borrowing

 

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.

Not ready to apply? Get a reminder emailed to you, with a handy link to apply.

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No hidden fees

Borrow with confidence. No ‘arrangement fees’, hidden costs or penalties for early repayment, just the agreed monthly payments including interest.

Competitive rates

As a not-for-profit credit union, our rates are lower than credit cards and high street lenders. Our lowest rates are reserved for those who save with us and repay via payroll deduction.

Fair applications process

Your application will be considered by a real person,  not a computer, taking your personal circumstances into account, including your ability to repay.

Responsible (and award-winning) lending

Our loans are designed to boost your financial well-being, and are accredited by the Fair Banking Foundation.

What’s available

General-purpose loans

Personal loan

Use our loan calculator to choose the amount and length of time you’d like to borrow, with low rate based on your individual circumstances. 

  • Borrow  up to £7,500
  • Pay over 184 months
  • From 6.9% APR

Advantage Loan

We serve those who serve. A special low rate for those working in the forces, local NHS Trusts, local authorities or one of 25+ local organisations we partner with.

  • Borrow up to £15,000
  • Pay over 12-60 months
  • 5.9% APR

Save to borrow

Our lowest rate for those who regularly save with us. Borrow up to the balance of your London Mutual savings account.

  • Borrow up to your savings balance
  • Pay over 160 months
  • 4.5% APR

Got something specific in mind?

I want to…

Get my finances into shape

Get your finances into shape by replacing expensive credit card and overdrafts  with one low-cost monthly payment. 

  • Borrow up to £3,000
  • Pay over 1‑60 months
  • 13.68% APR

Deal with an emergency

The flexibility to deal with life’s emergencies via our convenient and low-cost short-term loans.

  • Borrow  up to £400
  • Pay over 1-3 months
  • 42.6% APR (3% per month)

Build my credit

Less-than-ideal credit or out of work? Build your credit over time by paying straight  from your benefits or salary.

  • Borrow up to £3,500
  • Pay over 18 months
  • 42.6% APR

Move into a new place

Borrow your rental deposit, pay it back over your tenancy. When it’s time to move on, the money’s yours.

  • Borrow up to £2,000
  • Pay over  18 months
  • 42.6% APR

Note: LMCU 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. All fees, pricing information 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.

Full marks for fair banking

Our CUOK payday loans have been awarded 5/5 stars by the Fair Banking Foundation. The Fair Banking Mark is your independent guarantee that our loans are built on fairness and transparency, and have been designed with your financial well-being in mind. 

Good to know

Am I eligible to apply for a loan?

Current members can apply for a loan at any time. Assuming you are eligible, it is also possible to join and become a member of the credit union at the same time as applying for a loan.

It’s also worth bearing in mind that occasionally products and promotions will only be 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.

Is my application likely to be approved?

Your chances of approval will depend on the type of loan you have applied for and your circumstances.

All loan decisions are taken based on our loan policy and made by a person, not a computer, and so we will always try to take your individual situation into account. In cases where we can’t approve the full amount applied for, we may be able to offer you a lesser amount, or an alternative rate.

How do I know if my loan has been processed?

We know that it’s important to know what’s going on. After your application has gone in, you will receive an SMS informing you at each stage of the loan application process, so that you know exactly when you can expect to receive your money.

What happens if I'm struggling to repay?

If you are experiencing difficulties with repaying your loan, please talk to us as early on as possible. Together we will work together to find a solution.

To enable us to help you, it’s really important that you are upfront and honest about your circumstances, and stay in touch with us. Being open will give us the best possible chance of helping you to maintain a good credit score, which will enable us and other lenders to lend to you in future.

You can find out more about how we can help if you’re struggling with debt on this page.

Make things happen with a loan from London Mutual

Apply for a London Mutual loan today

Competitive rates, with no hidden fees