Short-term loans

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We are no longer offering CUOK Payday Loans

As of 18 May 2020 our CUOK payday loans have been discontinued. However, we still offer a range of options if you’re looking to borrow smaller amounts of money. You can use our loan calculator below to apply for a loan via our main loans process, which will take 7-14 days to process.

Or, if you’re looking for a more flexible lending option that enables you to borrow quickly whenever you need to, our new Family Saver and Salaryflex schemes could be right for you.

Calculate a Credit Union loan


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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.

Your Loan

Monthly repayment:
  • APR:
  • Total repayable:
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Who can apply?

Credit union 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.

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