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Low cost Saver Loans allocate part of the repayment to a share account, which means that as members repay loans their savings continue to grow. The credit union also offer a range of other products, including short-term and home-owner loans; credit builder loans, designed to help people repair their
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London
Capital Credit Union runs salary savings and loans schemes in conjunction with over 100 national and local employers. It also offers a Prize Saver Scheme with a monthly free prize draw for £5,000 as an incentive to save. The credit union is responsible for the operation of the salary scheme,
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The credit union promotes thrift by the accumulation of savings, creating sources of credit at a fair and reasonable rate of interest by using savings for the mutual benefit. Its objects include the training and education of members in the wise use of money and in the management of their financial
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In 2015, a merger with the small
Rainbow Credit Union for Co-operative members and employees in London and the South East proved impractical; it was placed into administration and ceased trading on 14 September. Notable for being one of the first credit unions to lend money to businesses, the
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Credit unions do not pay a fixed rate of interest on savings balances. Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid (2% in 2023).
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Credit unions form part of the wider international co-operative movement and can be found in 97 countries, with over 184 million members. In the UK there are currently 362 credit unions, offering an alternative to
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150:) in 2011 and finally adopted the current name, broadening its catchment to include Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington & Waltham Forest .
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employer. In 2015, the
Fairbanking Foundation awarded London Capital Credit Union five stars for personal loan products in its first Mark certifications.
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is a reloadable prepaid card that works in a similar way to a High Street bank account. The credit union has a 94% approval rate for its saver loans.
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and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the
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Limited, registered under the
Industrial and Provident Societies Acts, London Capital Credit Union is authorised by the
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was originally established in 1997, to provide secure savings and low cost flexible loans for employees of
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to individuals living or working in the London & the South East, members of the South East Region of
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to some 1.2 million members. Membership of London
Capital Credit Union is restricted by
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had over 16,000 members. A small permanent staff are supported by a team of volunteers.
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credit rating; and security loans, to encourage members not to withdraw their savings.
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Haringey, Islington and City Credit Union, Newsletter Issue 5, Autumn/ Winter 2011/12
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Islington and City Credit Union, Newsletter Issue 4, Winter/ Spring 2010/11
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London
Capital Credit Union, Newsletter Issue 9, Winter/ Spring 2013/14
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London
Capital Credit Union, Newsletter Issue 8, Summer/ Autumn 2012/13
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London
Capital Credit Union, Newsletter Issue 7, Winter/ Spring 2012/13
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London
Capital Credit Union, Newsletter Issue 15, Autumn/ Winter 2015
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London
Capital Credit Union, Newsletter Issue 15, Autumn/ Winter 2015
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London Capital Credit Union, Newsletter Issue 10, Spring/ Summer 2014
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London Capital Credit Union, Newsletter Issue 11, Autumn/ Winter 2014
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ABCUL marks the 50th anniversary of the first credit union in Britain
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London Capital Credit Union, Newsletter Issue 6, Summer/ Autumn 2012
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The Jeremy Hopgood Rooms, Caxton House, 129 St John's Way, London
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Association of British Credit Unions (retrieved 1 November 2014)
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Financial firms praised for helping customers manage their money
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with the employer facilitating monthly deductions from salary.
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Financial Services Compensation Scheme (retrieved 2 April 2015)
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London Capital Credit Union, Newsletter Issue 13, Summer 2015
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London Capital Credit Union, Newsletter Issue 12, Spring 2015
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Forget payday lenders – there’s a much better way to borrow
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Financial Services Compensation Scheme, 15 September 2015
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transferred engagements in 2013, followed by the smaller
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London Capital Credit Union (retrieved 1 November 2014)
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or employees of over 100 of employers across the UK..
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453:UNISON—the Public Service Union, 18 September 2013
179:, was signed into membership in 2014, followed by
153:One of Britain's first registered credit unions,
110:and operating across London and the South East.
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228:and the Greater London & Eastern Region of
514:London Capital Credit Union, Rules (7.1), 2012
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489:London Capital Credit Union, Rules (3), 2012
475:The Rainbow Credit Union declared in default
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512:Common bond qualifications for membership
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536:94% Approval Rate For Our ‘Saver Loans’
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649:Credit unions in the United Kingdom
415:Radio Taxi Cabs Credit Union Merger
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526:London Capital Credit Union, 2013
379:Welcome to New Members in Hornsey
203:transferred engagements in 2023.
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43:1997 (Hornsey Co-operative 1964)
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127:History of credit unions
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578:3 January 2015 at the
318:About the Credit Union
226:The Co-operative Group
81:Helen Baron, President
276:and regulated by the
157:and the neighbouring
146:(with the support of
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844:Hornsey Co-operative
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342:Welcome to Haringey
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106:, based in
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803:retailCURe
790:Penny Post
736:Industrial
726:White Rose
713:Thamesbank
678:Leeds City
305:References
207:Activities
125:See also:
77:Key people
827:Dissolved
818:TCU Money
755:1st Class
668:The Co-op
656:Community
260:Dividends
212:affairs.
177:Tottenham
165:in 2014.
663:Commsave
576:Archived
288:See also
236:Products
58:Location
487:Objects
121:History
108:Archway
88:Website
40:Founded
185:UNISON
173:Labour
68:19 3RQ
760:Unity
889:(NI)
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48:Type
808:RMT
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