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Federal Credit Unions, Credit Unions

London Mutual Credit Union

London Mutual Credit Union is a financial services company based in London, England. As a credit union, they provide a range of financial services to their members, including savings accounts, loans, and other financial products. They are committed to providing affordable financial services to their members and are dedicated to helping them achieve their financial goals. With a focus on community and member service, London Mutual Credit Union is a trusted name in the world of credit unions and financial services.

Introduction to London Mutual Credit Union

London Mutual Credit Union is a financial services company that has been serving the local community in London for over 30 years. It was founded in 1982 with the aim of providing affordable financial services to the people of London. The company is unique because it is a credit union, which means it is owned and operated by its members, and any profits are returned to members in the form of lower fees and better rates.

Services & Products

London Mutual Credit Union offers a range of financial services, including savings accounts, loans, mortgages, and insurance. Members can also access a variety of other financial products and services, such as credit cards and online banking. The company prides itself on providing affordable and accessible financial services to its members.

Location

London Mutual Credit Union is located in the heart of London, in the neighborhood of Peckham. The area is known for its diverse community and vibrant culture, with a mix of independent shops, cafes, and restaurants. The company is easily accessible by public transportation, with the closest options being Peckham Rye train station (0.5 miles away), Queens Road Peckham train station (0.7 miles away), and Peckham Bus Station (0.2 miles away).

Benefits

Customers should choose London Mutual Credit Union because it offers affordable financial services with a focus on the needs of its members. As a credit union, it is owned and operated by its members, which means that any profits are returned to members in the form of lower fees and better rates. The company also offers a range of financial education resources to help its members make informed decisions about their finances.

Good to know

Customers should be aware that London Mutual Credit Union has a strict membership policy, which means that only people who live or work in the London Boroughs of Southwark, Lambeth, Westminster or Camden are eligible to become members. However, the company offers a range of financial education resources to everyone, regardless of their eligibility for membership.

Reviews

Customers have praised London Mutual Credit Union for its friendly and helpful staff, as well as its affordable financial services. Many customers have also appreciated the company's focus on financial education, which has helped them make informed decisions about their finances. Overall, London Mutual Credit Union has received positive reviews from its members.

Amenities

  • amenity
    atm
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    online banking
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    mobile banking
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    loan services
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    insurance services
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    credit card services
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    bill payment services
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    savings account
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    checking account
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    money transfer services
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    online bill pay
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    online statements
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    financial education
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    foreign currency exchange
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    secure login
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    24-hour member support

FAQ

What interest rates do you offer on savings accounts and loans?

At London Mutual Credit Union, our interest rates for savings accounts and loans vary and are competitive compared to other credit unions and banks. We offer different types of savings accounts and loans, and the interest rates depend on the specific account or loan you choose.

Can you explain the eligibility requirements for becoming a member of your credit union?

To become a member of London Mutual Credit Union, you must live, work, or study in one of the London boroughs or be a member of one of our select employer groups. You can also become a member if you are a family member or household resident of an existing member. You can check our website for a complete list of eligibility requirements.

What types of services do you offer, such as mobile banking or investment advice?

We offer a range of financial services to our members, including savings accounts, loans, current accounts, budgeting tools, and prepaid debit cards. We also offer mobile banking, online banking, and telephone banking services. We do not currently offer investment advice, but we have partnerships with other organizations that can provide financial advice and planning services.

What fees do you charge for your services and how do they compare to other credit unions and banks?

We strive to keep our fees as low as possible to benefit our members. Our fees vary depending on the service you use, and we do not charge any hidden fees or penalties. We regularly review our fees to ensure that they are competitive compared to other credit unions and banks. You can check our website for a complete list of fees.

What are the interest rates for savings accounts and loans at your federal credit union?

As a UK-based credit union, we are not a federal credit union. However, we offer competitive interest rates for our savings accounts and loans. The interest rates depend on the specific account or loan you choose, and you can find our current rates on our website.

Reviews

  • Lizzie Lisa Berger

    False advertising. I got a loan which was paid back, didn't miss a payment. Then got a top up loan as x amount had been paid off. Since paying off entire loan I have been turned down 3 times for another loan, with no valid reason given. At a critical point they DID NOT LISTEN. WEREN'T INTERESTED I MY PLIGHT. Will be changing banks ASAP.

    23-05-2023

  • Gavin Blake

    I might just have to leave anyway..considering they seem to let anyone who wants your money, access to it, one star is generous, considering how I have been treated, really considering it, not happy with these people, idk if I can trust them?

    26-03-2023

  • Andy Ashley

    Excellent service, ideal for savings, helped me with a loan for car repair. Can not fault them.

    26-02-2023

  • Elegance Beauty

    Wow LMCU ..They are the best. The services are top notch. If I could give them 10 ⭐ I would. They really helped me with lending me a loan twice. When I really needed financial help. It was done on email and I didn't have to go into the office. They were fast in getting back to me and making a decision in 3 working days. I didnt expect it to be soo fast. The loan really do help you out. I would recommend them to family and friends.

    26-01-2023

  • angela payne

    Very disappointing experience of requesting a consolidation loan in order to have my repayments in one place and to reduce my outgoings. I sent lots of documentation and could afford to pay the amount requested over a longer period of time eg. 4-5 years. However I was offered 3 quarters of the requested amount to be repaid over a shorter period of time leaving me unable to afford the high repayments which defeated the objective. Lucky I went to another credit union and was able to obtain a loan for my purpose which has a low Apr and is very affordable over a 3 year period.

    26-01-2023

  • Shal Ajda

    I will have appreciated a quick reply rather than a disappointed email 2 weeks after applying, with daily text giving me false hope, also collecting my personal information. I've been with them for sometime just that my account was not active, upon their decision I'm now considered as new member and have to save 3 months before being considered.

    26-11-2022

  • Tanika Anasta

    Absolutely abismal as a bank, they regularly leave you unable to spend your money which is cleared in your bank account due to "technical issues". I have had my credit report affected due to credit union not setting up the loan repayments correctly. Then sending me letters telling me I owe thousands more then I ever took out in the first place. They are very quick to send threatening/rude letters when they think you owe them money but when they realise their mistake the apology is very quiet. I am currently trying to make a payment which has been declined, I have called card services they said the money I recently transferred from my internal savings account is not reflecting even though i can see it on my online banking. If a bank cannot manage an internal transfer that is a huge problem.

    26-11-2022

  • Anne Foster

    Very helpful and very polite

    26-11-2022

  • Kata Gako

    If there was an option to post a picture I would have. I have been waiting since 1+ hour on call multiple times. Poor call management.

    26-11-2022

  • Mr G

    Not happy with them regarding incompetence..

    26-10-2022