As a Credit Union we know how hard it is to get help with a loan from most lenders if you do not have a good credit file or are unemployed – apart from going to loan sharks, door-to-door lenders or payday lenders who charge exorbitant interest. We will charge 35.1% APR for all our Plus Loans and you could repay it over up to 18 months.
London Mutual Credit Union is able to offer safe low cost loans to their members who are on qualifying benefits or meet our loan policy.
If you are unemployed benefits can be paid directly into the Credit Union Current Account, we will deduct the agreed loan repayment plus a small amount for savings, and you can withdraw the rest. Loans are typically repayable over 18 months. After a period of maintaining your account satisfactorily with the credit union, you will be able to borrow up to £1200. Usually when you paid one third of the loan you will be able to take a top up loan.
Typical example of our Plus Loans of £500 borrowed over 12 months.
|Typical interest rate (APR)||Monthly repayment||Total
|Saving on interest|
|Typical door-to-door lenders||272%||£76||£410||£324|