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Loans Frequently Asked Questions

Frequently Asked Questions

This collection of frequently asked questions (FAQs) provides brief answers to many common questions about London Plus Credit Union loans.

If your question is not answered then please contact us.

How much can I borrow?

We offer loans to match everyone's pockets from as little as £50 up to £15,000 depending on individual circumstances. This means we look at your income and outgoings to see how much disposable income you have (what is left over after you have paid for your essential living expenses). If you have requested more than you can afford to pay back we may offer you a lower amount.

Have a look at our loan calculator for our current interest rates (what it will cost for you to borrow the money).

What repayment options are available?

You can make loan repayments by:

  • Standing order from your current account
  • Having benefits paid into your account
  • Through payroll membership where the loan repayment is deducted directly from your wages/salary

I have a poor credit history, can I still get a loan?

We do credit searches to help us make decisions but we consider all loan applications carefully on an individual basis. Loan decisions are based on your ability to repay the amount you borrow and if you are trying to repay and resolve your previous debts, we will consider giving you a loan.

As a responsible lender we will never knowingly put you in a worse financial position that could cause you financial hardship, so on occasion we may say no to your loan application.

Why do I have to provide so much information?

We need to get to know you as an individual to fully understand your financial position. The information you provide is confidential and is only used to give us an overall picture of the amount you can afford to repay on a loan amount requested. It will inform our decision on whether to grant the loan.

How do I complete my loan application form?

To ensure a quick turnaround of your application, visit our website and choose a loan that suits your needs and circumstances. We will give you a decision in principle subject to the following satisfactory documentation:

  • The last 3 months bank statements
  • 3 months of wage slips (if working) or recent benefit letter

You can also pop into the office and complete a paper application if you prefer.

What are the penalties if I repay my loan early?

You are only charged interest on the decreasing balance and there are no early repayment costs. however if you are looking to top up your loan you can only do this when you are manually half way through the term.

For example a £750 loan over 12 months can only be topped up after a 6 month term and when the balance is below £375.

What should I do if my circumstances change and I am struggling to meet my loan repayments?

We are here to support you and together we can agree a payment plan that suits your financial situation. The important thing is to get in touch if you find yourself in financial difficulty as we will discuss your money worries in a sympathetic and sensitive manner.

What happens to my loan if I move away?

Once a member of London Plus, always a member. If you move away from the areas we cover then rest assured you can continue to access all our services online including loans. The loan will continue and you will not see any change in service.

How we use your data

Please download and view this guide on how we use your information

Click to Download Download Personal Data Guide (78.5kb)

Contact Us
  • London Plus Credit Union
  • Tel: 0207 471 2620
  • Email:
  • Web:
  • Address: 274 North End Road, Fulham, London, SW6 1NJ
Opening Hours:
  • mon
  • tue
  • wed
  • thu
  • fri
  • sat
  • 10:00am - 4:00pm
  • Phone & Email (9am - 5pm)
  • 10:00am - 4:00pm
  • Phone & Email (9am - 5pm)
  • 10:00am - 4:00pm
  • 9:30am - 12:30pm
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London Plus Credit Union is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. FCA & PRA FRN: 473340