Established in 1982 to provide Credit Union services to employees of the London Borough of Southwark It has merged with 6 of the local Credit Unions. Now it is the only Credit Union in Southwark, Lambeth, and Westminster & Camden providing wide range of products and services together with five dedicated branch offices where members could access the services. It was also the first credit union in the UK to operate a payroll deduction scheme.
2011/12 Saw the introduction of a fully automatic on-line payday loan alternative responding to the growing use of high cost credit it has saved the borrowers a tidy sum in interest rates and follow up to become members.
As a full-service financial institution, London Mutual Credit Union (LMCU) is the largest live or work Credit Union in London, with over £19million in assets, and over 21,000 member-owners (September 2014). LMCU has 40 professional and knowledgeable employees, and is comprised of five branches and a head office in Peckham, London. The new head office (pictured) building at 4 Heaton Road, Peckham was opened on the 24th February 2012. In 2016 London Mutual has also launched a new debit card programme, powered by Optimus Card Group. London Mutual says the new debit card scheme in partnership with MasterCard that brings true, fully functional debit cards to credit union members across the country.
In 2017 the credit union developed and implemented its own core banking system on line, telephone and mobile banking, the first credit union in England do so. The credit union is hoping in 2018 to be in a position to offer mortgages as the first credit union to do so in London and aspirations to take on the rent to own such as Bright House.
The credit union was founded in 1989 as the Erdington and District Credit Union Ltd. In 2004, they became the North Birmingham Community Credit Union Ltd (NBCCU), merging credit unions in Erdington, Sutton Coldfield, Castle Vale and Kingstanding, before incorporating Saltley District in 2007.
The Credit Union introduced its Salary flex product in 2020, designed to fill a gap in its product range for members who are in secure employment, but who have limited financial resilience. The purpose of the product is to encourage salary deduction members to save regularly with the credit union helping to build their financial resilience. In return for agreeing to save a regular amount members are able to access a line of credit of up to £2,000 for when they need it.
The credit union welcomed the GamCare’s toolkit, which provides much-needed advice on early identification and support to those at risk of gambling-related harm. These steps were taken after seeing an increase in gambling-related issues among members in recent years. The credit union is committed to working with their community and charitable partners to support vulnerable members and the toolkit is available for free on GamCare’s website. It consists of tailored materials for the banking, debt advice and gambling treatment sectors as well as gambling businesses.
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