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).
You can make loan repayments by:
- Standing order from your current account
- Direct Debit from your current account
- Having benefits paid into your credit union account
- Through payroll membership where the loan repayment is deducted directly from your wages/salary
Your loans officer will discuss this with you if your application is approved. Some loans are only repayable by certain repayment methods.
We offer two loan products where applicants are not credit-scored: the Family Loan and the Security Loan. Instead, we concentrate on affordability but will still undertake checks on bankruptcy.
If these loans aren’t suitable for you, be assured that although we carry out credit searches on our other loan products to help us make decisions, 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 even if you’ve had problems with credit in the past.
Repayments on all our loans are reported to credit reference agencies, so making repayments on time may help improve your credit score too.
As a responsible lender we will never knowingly put you in a worse financial position or cause you hardship, so we are not able to approve every application we receive and may turn down your application.
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.
To ensure a quick turnaround of your application, visit our website www.londonpluscu.co.uk 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 2 months bank statements (or open banking)
- Payslips covering the last 2 months (if working) or a recent benefit letter
You can also pop into the office and we'll help you complete an application if you prefer.
You are only charged interest on the decreasing balance of your loan and there are no early repayment fees, so making additional repayments or clearing the loan early will mean that you pay less interest over the term of the loan.
Please note that you do not need to have fully repaid your loan if you want to borrow more (‘top up’ your loan), you can apply for a top-up at any time after you are halfway through the term (or a third of the way through the term of your loan if you have, or want to switch to, a Save as You Borrow Loan).
For example, a £750 Instant loan over 12 months can only be topped up after a 6-month term and when the balance is below £375 If you have, or want to switch to, a Save as You Borrow loan, you will be able to apply for a top up 4 months after your previous loan.
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.
You can call us on 0207 471 2620, email memberservices@londonpluscu.co.uk or use the contact form.
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.
Please download and view this guide on how we use your information
No, we have removed our membership fee. You must however maintain a minimum of £1 in your share account that we will deposit on your behalf. If in the future you close down your membership with us, this £1 is returned to us.
You can download statements through our members area or we can provide them on request.
Credit unions are cooperatives, meaning that when you join, you become a part-owner, giving you a say in how we’re run. If you save with us, those savings are used to lend out to our members and the interest paid by members on their loans pays our running costs.
As we are a community-owned organisation, our focus is on fairness and financial inclusion in the way we operate and in the products we offer our members.
We will always take individual circumstances into account when making decisions about lending.
You can access your account online via the members area on our website, using our smartphone app or by visiting our branch.
It’s easy to keep track of your money with London Plus Credit Union online or via the app, where you can:
- Check your balances and download statements
- Transfer to an account in your name held elsewhere
- Make deposits via a card payment
- Apply for loans
- Update your contact details and payee information*
- Send us secure messages
*Please note external accounts must be held in your name and pass our verification checks.
- You can move money across from your bank account regularly (as a Standing Order or Direct Debit) or as and when you wish – get in touch with us and we’ll send you the details you need to set this up.
- You can have your benefits paid directly to the Credit Union – again, get in touch with us and we’ll send you the details you need to set this up.
- We also have a number of employer partnerships enabling payroll membership where a regular amount is deducted from your wages or salary.
- You are also able to pay cash in over the counter on our branch open days.
- You can make payments with a debit card via the website or smartphone app.
Payments into Credit Union accounts may take up to two working days to appear in your account. Payments by card can take up to 30 days to clear.
The maximum amount you can have deposited with the Credit Union is £30,000 across all accounts.
As a cooperative, we do not pay interest, but we may pay a dividend on your savings as a form of profit share. A recommendation for whether or not to pay a dividend and if so, how much it should be, is voted on by members at the Annual General Meeting and any dividend is paid once a year.
Every £1 of savings is a £1 co-operative share in the Credit Union. We use the terms savings and shares interchangeably to remind our members that they own this business. Our profits are reinvested in the business and distributed back to members, and not to offshore tax havens. We never promise a return on savings as it is dependent on profit levels at the end of the year and members need to approve the payment at the AGM.
We pay a dividend on all our adult savings accounts, including Reg Share accounts, on balances from £1 (the Reg Share account is our standard instant access savings account).
Our dividend rates on savings may not match the higher rates of interest promised by our competitors - a quick internet search will come up with some very attractive returns on savings - but they are not always straightforward or easy to compare. Here are a few things to look out for:
- The advertised high interest rate online only applies if you have your main current account with the bank or building society
- The rate is only offered if you pay in a minimum sum that is often beyond most of us
- You are restricted access to your savings for a year or more
- The high rate only applies to the first £1,000 or so of savings, and any savings above that sum get little or no interest
- Sometimes the advertised rate is not guaranteed and may go down at any time
- You may not be able to access your savings even in an emergency.
For investors of large sums, income from marginal differences of interest/dividend on savings might be significant, but for most of us the interest rate variances are minimal given the amount most of us can afford to save.
If you are looking to invest larger sums for maximum return the credit union is unlikely to provide the best rates of return, but that is offset by the knowledge that the savings are used to help others in the communities we serve and help them escape from debt and gain the savings habit. Also, if you have savings with us it may increase the range of loans available if you should ever need them.
Our dividend rates may not match the higher rates of interest promised by our competitors but you can be assured:
- Dividends paid on all account balances from £1 and no hidden restrictions to qualify for payment
- Any profits of the credit union will be shared with you
- Your savings provide you with financial security whilst helping others escape loan sharks, payday loans and never-ending credit card debt
- Some loans are exclusive to savers in the Credit Union, should you need to borrow in the future.
With no external shareholders, we are driven by our members’ interests and not profit maximisation. Our co-operative is dedicated to encouraging everyone to save as a way of avoiding reliance on credit and falling into the debt and poverty trap.
Yes, your savings can be withdrawn using one of the methods below:
Online Banking and smartphone app: this is the easiest way to access your money and keep control of your finances 24/7.
In Branch: you can withdraw £250.00 in cash over the counter on our open days, as well as provide members help to get started with online banking
- Wednesday 10am-4pm
- Friday 10am-4pm
If you need extra support or assistance with accessing your accounts, we also offer a telephone and email service Monday to Friday (including Mondays, Tuesdays and Thursdays when the branch is closed).
Yes. We are regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, and the Prudential Regulatory Authority 473340. All your monies are 100% safe as we have full FSCS protection.
Please read this important statement:
Financial Services Compensation Scheme (FSCS)
The Financial Services Compensation Scheme, (FSCS), is the UK's statutory fund of last resort for customers of authorised financial services firms.
The Financial Ombudsman Services, (FOS), is the independent service for settling disputes between businesses providing financial services and their customers.
Important information about compensation arrangements
Your savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the Credit Union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS websitehttps://www.fscs.org.uk/ or call 0800 678 1100
London Plus Credit Union is a financial co-operative run by members for members. Any profits are reinvested into the development of the credit union and divided between members as a dividend on savings. We use these savings to provide our members affordable low cost loans. Any reserves are not invested in the financial markets, your money is not used for big 'fat cat' bonuses.
Also we provide a safe and affordable alternative to those at risk of loan sharks and other illegal or usury lenders. Where banks turn down customers because they have a poor history or are low paid, we do not. We look at everyone as individuals and recognise that anyone can get into financial difficulties from time to time. This means that if you have been a victim of circumstance we will still look at your application with fresh eyes. In accordance with the Credit Union Act 1979, London Plus educates its members on the wise use of money and promotes responsible saving and lending.
A standing order is an arrangement you make with your bank to pay into your London Plus account or loan. If you have a banking app or use internet banking you will be able to change it yourself, or you can contact your bank and ask them to change it for you.
A Direct Debit is a payment instruction that is made to your bank by the Credit Union. If you want to change the date or amount of a Direct Debit, please get in touch with the Credit Union as soon as possible, as 5 working days’ notice is required by our provider to make changes.
Every £1 of savings is a £1 co-operative share in the Credit Union. We use the terms savings and shares interchangeably to remind our saving members that they own this business. We do not pay interest on savings, but a profit-sharing dividend on savings along with a rebate on any interest paid by borrowing members. Our profits are reinvested in the business and distributed back to members, and not to offshore tax havens. We never promise a return on savings as it is dependent on profit levels at the end of the year and members need to approve the payment at the AGM.
We pay dividend profit share on Reg Share accounts (our standard instant access savings account) balances from £1.
Our dividend rates on savings may not match the higher rates of interest promised by our competitors - a quick internet search will come up with some very attractive returns on savings - but they are not always straightforward or easy to compare. Here are a few things to look out for:
- The advertised high interest rate online only applies if you have your main current account with the bank or building society
- The rate is only offered if you pay in a minimum sum that is often beyond most of us
- You are restricted access to your savings for a year or more
- The high rate only applies to the first £1,000 or so of savings, and any savings above that sum get little or no interest
- Sometimes the advertised rate is not guaranteed and may go down at any time
- You may not be able to access your savings even in an emergency.
For investors of large sums, income from marginal differences of interest/dividend on savings might be significant, but for most of us the interest rate variances are minimal given the amount most of us can afford to save.
If you are looking to invest larger sums for maximum return the credit union is unlikely to provide the best rates of return, but that is offset by the knowledge that the savings are used to help others in the communities we serve and help them escape from debt and gain the savings habit. Also, if you have savings with us it may increase the range of loans available if you should ever need them.
Our dividend rates may not match the higher rates of interest promised by our competitors but you can be assured:
- Dividends paid on all account balances from £1 and no hidden restrictions to qualify for payment
- Any profits of the credit union will be shared with you
- Your savings provide you with financial security whilst helping others escape loan sharks, payday loans and never-ending credit card debt
- Some loans are exclusive to savers in the Credit Union, should you need to borrow in the future.
With no external shareholders, we are driven by our members’ interests and not profit maximisation. Our co-operative is dedicated to encouraging everyone to save as a way of avoiding reliance on credit and falling into the debt and poverty trap.
Payroll membership is a scheme London Plus offers partner organisations to enable them to help their employees save. Employees specify the amount they wish to save and this is deducted from their salary via payroll and transferred directly into their London Plus share account. If the employee wishes to apply for a loan the repayment amount is made in the same way, via payroll.
All of the employees of any organisation that has joined the payroll scheme are eligible for payroll membership.
- Ekaya Housing Association
- Hammersmith & Fulham Council
- Hexagon Housing
- HFP Medical
- Holy Trinity Brompton
- L&Q Housing Association
- MTV Housing Association
- NHG Housing Group
- Prospects
- Richmond and Wandsworth Councils
- Royal Borough of Kensington and Chelsea
- Shepherds Bush Housing Group
- Thomas Academy
If your organisation isn’t yet part of the scheme and may be interested in learning more, then please contact us with the relevant person's details and we’ll get in touch with them.
Simply click on the ‘Join Us’ button at the top of the screen and provide your employment details as part of the registration process and we will be in touch with next steps.
If you ever want to change or cancel the amount being deducted from your salary/wages you can send us an email from your work email address stating the amount you want it to be changed to or expressing your desire to cancel the deduction altogether.
Alternatively you can come into the office and give your request in person.
The controlling adult is the nominated guardian and as such, have the power to operate the account on behalf of the young person up until their 18th birthday. However, they can authorise the young person to make a withdrawal.
The easiest way to start saving with us is with a standing order or a one-off faster payment (transfer) from your bank account.
To set this up please get in touch with us and we will provide the details you need.
Not currently, this in an in-branch service only at the moment
As with all of our accounts, the savings in your Young Saver Account are protected by the Financial Services Compensation Scheme. More information on this here
If you cannot find the answer to your question, please send us a message at memberservices@londonpluscu.co.uk
