Fast, affordable loans from a lender you can trust.

The fair alternative to expensive payday loans, from your local credit union. Borrow from £100-400 and repay over 1-3 months. 3% per month. (42.6% APR)

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Calculate my CUOK Credit Union loan

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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Who can apply?

CUOK Pay day loans are available from London Mutual Credit Union exclusively for people who live or work in Southwark, Lambeth, Westminster, Camden or serving members of British Armed Forces.

Live or work in Southwark, Lambeth, Westminster, Camden or Serving member of British Armed Forces and become a member of London Mutual Credit Union
Are employed and earn more than £12,000 per year
Are a UK resident aged 18 to 74
Have a current account where you pay your salary
Have a valid debit card
Have a current account that includes direct debit
Have a working mobile phone and email address

Why choose a credit union loan?

We want to provide an alternative to online and pay day lenders such as Amigo Loans or Sunny, which can leave you hundreds of pounds worse off. With us, you can rest easy knowing that you’re borrowing from a lender which is not-for-profit and on your side. 

Transparent fees

Borrow with confidence. No ‘arrangement fees’, hidden costs or penalties for early repayment, just the agreed monthly payments including interest, making it easy to understand the total cost of your loan.

Fair rates

Our interest rates are designed to reflect the true cost of providing your loan, and to save you hundreds of pounds compared to ‘payday’ and online lenders.

Fair applications process

As a responsible lender, our process we look at the full picture – including your income and expenditure – to ensure the loan is affordable. If we can’t approve the full amount, we’ll try to offer an alternative.

Responsible (and award-winning) lending

We’ve been awarded the Fair Banking Mark, which recognises that our loans are designed to boost your financial well-being—not just our bottom line.

Good to know

Will you check my credit score?

To decide if you can afford to pay the loan, we will carry out a credit check. London Mutual Credit Union reserves the right to carry out a credit search on you when you apply for any loan facility from us. This will leave a footprint on your credit file.

If your online application is refused, and if you have previously defaulted on some of your loans/credit cards, or you have County Court Judgments against you, we will refer your application to one of our staff.

We will still consider giving you a small loan, but the application cannot be processed instantly but will be processed during office hours.

How will my information be used?

If you live in Southwark, Lambeth, Westminster or Camden, we can check your identity automatically and you will be asked to give us your consent for this during the application process. If our system fails to identify you for any reason, such as that you are not on the electoral register, haven’t been living at your current address for more than 3 years, etc., we will refer your application to one of our staff to deal with during office hours.

If you work in Southwark, Lambeth, Westminster or Camden, we have most of the employers’ names and addresses in our system and will cross reference against them in order to ascertain where you work. If we are unable to find your employer’s details in our system we will contact you by email to ask for proof of employment. We can only do this during office hours.

I’m unemployed. Can I still apply?

If you’re not currently employed, you’re not eligible to use this service, but it is still possible to apply for other loans from London Mutual Credit Union, including our Booster and Growth loans.

These loans give you the best chance of being approved, as we ask you to provide evidence of your income and expenditure when you apply, rather than just relying on your credit file. 

How long will it take?

The application process should take no more than 15 minutes. If we are able to verify your identity and check your credit details using the information you’ve provided, we should be able to let you know the outcome of your application immediately.

If our system can’t identify you automatically, we may need to do a manual check. This can take 1-2 working days, as it needs to be looked at by a member of our team. 

If I’m approved, how quickly can I receive the money?

If you choose the ‘faster payments’ option, we can get the money into your account on the same day as you are approved.  There is an £11 fee for providing this optional service, which reflects the additional cost to us.

If you’d prefer not to pay this charge, your money will be transferred into your account using BACS. This can take up to 4 working days.