Tag Archives: London Mutual Credit Union

Credit union marks Armed Forces Day with Forces Finance commitment

London Mutual Credit Union launches a dedicated new financial support service for the armed forces on this year’s Armed Forces Day (Saturday 30th June).

Forces Finance PhotoSince first partnering with the Ministry of Defence in 2015, London Mutual Credit Union has provided £2 million worth of loans to over 1000 armed forces personnel, saving them an estimated £1.3 million compared to the cost of high street lenders and various payday lenders such as Wonga.

The new Forces Finance initiative will give serving members of the armed forces and their families access to a range of specially developed financial services which meet the unique requirements of armed forces personnel.

London Mutual Credit Union is a financial co-operative that exists for the benefit of its members who live and/or work in the London boroughs of Southwark, Lambeth, Westminster or Camden, and serving members of the British Armed Forces. Established in 1982, London Mutual Credit Union has over 28,000 member-owners.

Historically, service personnel have encountered difficulties accessing credit and other financial services, due in part to moving regularly and not being able to build up a good credit rating. Some have also been targeted by payday loan companies.

Lucky Chandrasekera, Chief Executive of London Mutual Credit Union, says: “Our figures show the clear demand for financial services built around the specific needs of armed forces personnel and their families. The disruptive and often highly mobile nature of life in the services can make financial planning difficult for many service personnel, as well as making it harder to build an address history or a strong credit record.”

Unlike banks, credit unions are owned by their borrowers and savers and serve a specific community. This enables them to offer advantageous rates, products and terms tailored to the specific circumstances of their members.

Lucky adds: “The launch of the Forces Finance service is designed to build on our experience of working with armed services personnel over the past three years and underscores our commitment to delivering a bank built around ‘serving those who serve’.”

In the months ahead, the credit union will work with its 1000 members who are in the armed forces to design new financial products and member benefits built around the needs and realities of forces life.

In addition, on this year’s Armed Forces Day the credit union will launch a dedicated website and large scale marketing campaign designed to reach serving members of the armed forces.

London Mutual Credit Union opens state-of-the-art branch in Southwark

Tom WatTom Watson MP opens the new branchson MP, Deputy Leader of the Labour Party, was the guest of honour at the opening of a new credit union branch in Walworth Road, Southwark, on Thursday 3rd March.

The new London Mutual Credit Union branch is equipped with its own ATM service, five spacious counters and an iPad stand where members can join the credit union, apply for low cost loans and carry out other online transactions.

Located in a busy high street, close to public transport links, the new credit union branch offers local people easy access to fair and affordable financial services.

Tom Watson MP said: “I am delighted to attend the opening of this impressive new London Mutual Credit Union branch in Southwark. Credit unions have a vital role to play in providing great value loans and savings to those who may otherwise be excluded from mainstream financial services.

“Located in the heart of the communities they serve, credit unions are ideally placed not only to provide access to ethical finance, but also to help people manage their money better, keeping them out of the clutches of loan sharks and high interest payday lenders.”

Cllr Stephanie Cryan, Cabinet Member for Adult Care and Financial Inclusion at Southwark Council, said: “This new service will be a brilliant alternative to payday lenders for local people, and is a great example of the community, the council and the credit union working together to bring about important local support that people want and need.”

Lucky Chandrasekera, Chief Executive of London Mutual Credit Union, added: “We are very happy to open this modern and spacious credit union branch for our members. The new premises provide London Mutual Credit Union with the additional facilities we need to handle the requirements of our ever growing membership and we look forward to welcoming existing and new members.”

A credit union is a financial co-operative which provides savings, loans and a range of services to its members. Credit unions share the co-operative ethos of people helping people, and because they are owned by their own users, and not by external shareholders or investors, the emphasis is always on providing the best service to members, not maximising profits from them.

The new branch of London Mutual Credit Union is at 177 Walworth Road, Southwark SE17 1RW.

To find out more about London Mutual Credit Union and to join, go to www.creditunion.co.uk.