Credit Union Loans
Make your plans happen sooner with our low-cost loans and overdrafts
Whether it’s buying a new car, consolidating debts, or that home improvement project you’ve been putting off, we are all about delivering great service and low rates for the times when you need to borrow.
Example: £2,800 borrowed over 2 years at 16.68% APR. Total repayable: £3,275.25. All Loans are subject to our Lending Policy and Terms & Conditions
Our Loans & Overdrafts
Whatever your reasons for borrowing or financial background, we’ve got a loan to suit your needs.
Borrow from £100 to £15,000 for any purpose with fixed repayments and a clear end date.
Child Benefit Loan
Get a £600 revolving credit limit when you pay child benefit into your credit union account.
Pay off credit cards or overdrafts sooner and save money on interest. Borrow up to £15,000 at 16.5% APR.
Borrow flexibly with a MasterCard debit card and repay from your salary. Get a limit up to £2,000 (19.6% APR)
Get access to £2,000 credit facility when you save regularly with us via your salary. (19.6% APR)
Home Owner Loan
Borrow up to £25,000 for any purpose. Up to £25,000 at 7% APR, repay up to 60 months.
Get rewarded for saving with our lowest rate. Borrow up to your savings balance for just 4.5% APR.
Borrow between £100 – £1,200 at 42.6% APR, including if you are unemployed or have less-than-perfect credit.
The London Mutual Difference
Starting at just 4.5% APR, our rates are some of the best around. There are no ‘arrangement fees’ or other hidden charges.
We carry out a soft credit search, which means that there is no footprint or risk of damaging your credit file if you aren’t approved.
All loan applications are considered by our loans team, not just a computer, so we can take everything into account.
An Ethical Lender
As a credit union, we are not for profit, so you can be confident that we will behave in a way that’s fair and ethical, and to do right by you.
Our application process is based on you as an individual, not just an automated score. As part of our personalised process, we’ll look at the full financial picture, giving you the best possible chance of us being able to say yes.
The online application will take roughly 15 minutes. As part of the process, we will ask for some information about your address history, your employment situation, and your current household income & expenditure.
We’ll also ask you for copies of your recent bank statements and payslips or other proof of income. It will speed things up if you have these ready, but if not, don’t worry—we will email you with a link to upload them later.
After we receive your application, our team will look through all the information you have provided to decide if we can offer you a loan.
As part of this, we will check your bank statements to make sure that the repayments are affordable—this is to protect us both, by making sure we only lend you what you can comfortably afford to repay.
This process takes around 7-10 working days, and we’ll send you daily text updates so you know what’s going on, and in case we have any questions.
Offer & Agreement
Once our Loan Team have made a decision, we’ll let you know by email, letting you know how much we can offer you, the interest rate, and the amount you’ll repay each month.
Often, we’ll be able to offer you the full amount you applied for, but sometimes, it may be less. If you are happy to accept our offer, we’ll email you with a digital copy of your Loan Agreement, for you to read and sign.
Once you return the Loan Agreement, the money should be in your account within 1-2 working days.
We will take care of the rest, and, if applicable, arrange with your employer for your agreed repayments to be deducted from your pay each month.
What Can I Get a Loan For?
Our members borrow for all sorts of reasons as broad and diverse as they are. But whatever your reasons for wanting to borrow, you’ll find the same great rates and straightforward service.