Straightforward loans at sensible rates—and no nasty surprises
Whether it’s a loan to buy a new car, home improvement loans for that project you’ve been putting off, dealing with life’s emergencies or combining your other debts into one monthly payment, we are all about delivering great service and low rates for the times when you need to borrow.
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.
Why London Mutual?
No hidden fees
We believe in being upfront about what your loan will cost. No ‘arrangement fees’, hidden costs or penalties for early repayment, just the agreed monthly payments.
We don’t have shareholders and are not-for-profit. This means our rates are usually better than credit cards, overdrafts and high-cost online lenders.
Build savings as you borrow
Build savings by making an additional contribution of £5 or £10 on top of your monthly repayments, which will be available once your loan is fully paid off.
Your loan application will be looked at by our expert team, not a computer. This can take a few days, but it allows us to take everything into account.
You are more than a credit score. We will consider your application and take a range of factors into account, even if you are on a low income or your credit history isn’t perfect.
What can I borrow for?
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 one monthly repayment at a reduced interest rate.
Buying a car
Borrowing from a credit union can often be cheaper than purchasing via car finance.
Don’t lose sleep over a broken washing machine or boiler—let us help you deal with the unexpected.
We can help you re-establish good credit by starting small and building from there.
Spread the cost of an engagement rings and preparing for the big day.
Fees shouldn’t be a barrier to settling in the UK. A credit union loan that could enable you to settle sooner.
Got something in mind not listed here? In many cases, we’ll be able to help.
About borrowing with London Mutual
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 loan 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 application 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.