Flexi Credit is similar to a payday loan or overdraft, but
at affordable prices.
Get up to £1,000 with low interest and affordable repayment terms.
Safer and cheaper than a payday loan
Emergency cash easily arranged
You can access your approved limit anytime you need cash for:
- Family celebration
- An unexpected bill
- New appliances
- Essential expenses before payday
And best of all:
One quick and easy application will set your credit limit for 2 years. It works just like an overdraft, as you repay you free up your available balance so you can continue to access funds when you need it with no more forms to fill in.
With Flexi Credit from London Community Credit Union get the cash you need now from a lender you can trust!
Frequently asked questions
How much can I borrow?
Loans range between £100 and £1,000 depending on circumstances.
How does Flexi Credit differ from a standard loan?
Flexi Credit is like an arranged overdraft. With our standard loans you continue to repay your loan each month and the loan balance reduces but when you have an emergency you have to make an application for a top up loan. With flexi credit as you repay you free up money which you can draw down on at anytime without making a new application.
When does my Flexi Credit end?
Your credit will be available for 24 months after which it will be reviewed.
How long will it take to arrive?
We’re continually speeding up our processing, so now you’ll hear back even quicker! Once the application has been received you will hear back in 1 – 3 working days. Your loan can be paid directly into your Credit Union account (for free) or any UK bank account (£2 fee will apply).
Once approved you will have full access to the available balance.
Our text message services will keep you updated on the progress of your application at each stage.
How much does it cost?
£ 100.00 – £499.99 – 3% interest on the outstanding balance. In addition, a small monthly fee of £3.00 which will cover costs of all transfers, withdrawals and management of the account.
£500.00 – £1,000 – 2% interest on the outstanding balance. In addition, a small monthly fee of £5.00 which will cover costs of all transfers, withdrawals and management of the account
Who can apply?
You need to be a member of LCCU and 18 years and over to apply. Membership is easy and straight forward and you can apply for a loan / Flexi Credit as soon as you open your account and the initial deposit is credited.
How do I apply?
Simply fill out an online application form (link above) or ask in branch for details.
Tell me about the Free Loan Protection Insurance
Loans taken with the credit union (up to £10,000) are protected by the credit union for free, so that in the event of your death your loan is fully paid-off, leaving no additional burden on your family.*
What if I am unemployed or have a bad credit history?
The credit union operates a responsible lending policy. Applications are reviewed on an individual basis, and accessed against ability to repay,
your history with the credit union, as well as traditional credit scoring. Those that are unemployed or with poor credit history will not automatically be excluded.
Well managed accounts with the credit union will work to improve your credit scoring.
What happens if I can’t pay?
We appreciate situations may change and try to be flexible with repayment terms when necessary. Failure to inform your branch, repay or renegotiate terms will result in debt collection and court proceedings.
You will be notified by letter/SMS message should your repayments fall behind.
Can I use my savings if I have a loan / Flexi Credit?
The savings in your saver plus account are held (secured) as a guarantee against your loan or Flexi Credit. This means that you will not be able to withdraw from your saver plus account until your loan / Flexi Credit is completely clear, or less than the amount you hold in your saver plus account.
Cooling Off Period
Once granted you will have a seven day ‘Cooling Off’ period in which you may cancel without legal consequences.
On acceptance you will enter into the legally binding Terms and Conditions as laid out in your Agreement.
*Terms and conditions apply