Our loan are considerably cheaper than payday lenders and much of the easy credit available online. We offer:
★ FLEXIBLE REPAYMENTS
★ NO HIDDEN COSTS
★ QUICK DECISIONS
If you are making plans for the spring or summer a credit union loan could provide the little extra help you need.
We offer competitive rates and we are a responsible lender which means we will ensure your repayments are affordable. We assess applications individually and we will not automatically rule you out even if you have had a poor credit history or money troubles in the past.
Members can borrow up to £15,000 (on top of their savings) in total. What’s more, we offer:
- Free Loan Protection Insurance meaning you loan will be written off if you die*
- Negotiable repayment terms and we will work to help you if your circumstances change
- Interest on the reducing balance of your loan. This means your interest repayment will get smaller as your loan balance falls.
Frequently asked questions
How much can I borrow?
Loans start at £1,000 and you can borrow up to £15,000 on top of the value of your savings.
How long will it take to arrive?
We’re continually speeding up our loan processing, so now you’ll hear back even quicker! Once the application has been received you will hear back in 1 – 7 working days. Your loan can be paid directly into your Credit Union account (for free) or any UK bank account (£2 fee will apply).
Our text message services will keep you updated on the progress of your loan at each stage.
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 or ask in branch for details.
Tell me about the Free Loan Protection Insurance
Loans taken with the credit union (up to £5,000) 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 assessed against your 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