Business Details
44 Years
experience
Your Trusted London Credit Union for Savings and Loans
Established in 1982 by Southwark Council staff, London Mutual Credit Union has grown to become Londons largest community credit union. As a member-owned financial cooperative, we serve over 42,397 members across South London and beyond, prioritising community financial wellbeing over profit. Our partnerships with 30+ local employers enable workplace savings and borrowing directly from salaries, while our FCA-authorised status ensures members savings are protected up to 85,000. We specialise in affordable financial solutions including salary-deducted savings accounts, personal loans from 100-25,000, and mortgages up to 450,000 with competitive rates starting at 3.64% variable.Our unique value proposition combines automated financial management tools, the Money Gym educational platform, and a commitment to financial inclusion through initiatives supporting NHS workers, armed forces personnel, and low-income communities. With no early repayment fees and a focus on ethical lending, we help members build sustainable financial habits while maintaining a 40-year track record of community-focused banking.
Services
Savings Accounts
Personal Loans
Mortgages
Salary Deduction
Financial Education
Details
- Year established: 1982
Highlights and features
- FSCS protection up to 85,000 for member savings
- Salary-deducted savings from 10/month with automatic payroll integration
- Affordable loans from 100-25,000 with APR from 9.6%
- Member-owned cooperative structure ensuring community reinvestment
- Free financial education resources through Money Gym platform
Associations and certifications
- FCA
- Prudential Regulation Authority
What people say
Ethical banking
Affordable loans
Financial education
Salary deductions
Member support
Services
Personal Loans
Flexible personal loans from 500-25,000 at 9.6% APR. Designed for both planned expenses and unexpected costs, these loans feature no early repayment fees and automated payroll deductions. Members benefit from fair lending practices and financial education resources to support responsible borrowing.
Mortgage Services
Competitive mortgages up to 450,000 with rates starting at 3.64% variable. Our in-house advisors provide free mortgage advice and support for first-time buyers and remortgaging. Loans feature up to 80% LTV with no arrangement fees, combining traditional banking principles with modern financial solutions.
Salary Deduction
Automated savings and loan repayment system for employees. Available from 10/month, this service integrates with payroll systems of 30+ London employers. Helps build financial discipline while maintaining easy access to funds through mobile banking apps.
Financial Education
Free educational resources through the Money Gym platform. Includes budgeting tools, debt management guides, and financial literacy courses. Designed to help members make informed decisions about savings, borrowing, and long-term financial planning.
Savings Accounts
Flexible savings accounts with automated payroll deductions. Members can start from 10/month with funds accessible via mobile app. Savings help support community lending while offering potential dividends during profitable years, combining personal financial growth with community reinvestment.
Questions
What financial services does London Mutual offer?
We provide savings accounts, personal loans from £100-£25,000, mortgages up to £450,000, and financial education resources through our Money Gym platform.
How can I join London Mutual Credit Union?
You can join if you work for one of our partner employers, live or work in London, or have family connections to existing members.
Are my savings protected with London Mutual?
Yes, your savings are protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
Do you offer 24/7 customer support?
Our digital services are available 24/7, but phone support operates during standard business hours.
Can I get a loan with bad credit?
We consider applications individually and offer alternatives like Family Saver loans to help rebuild credit responsibly.
