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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsMembers have their say
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15 December 2015
Members have their say

Members of London Capital Credit Union have been coming forward to say how the credit union has helped them.

In a recent survey to gauge satisfaction with the services we offer, London Capital Credit Union asked members to let us know in what ways membership of the credit union has helped.

Affordable loans

A common theme from respondents was that the credit union has helped provide affordable loans, which means that members did not need to seek out more expensive lending options.

One member said that the credit union “saved me from using payday loan companies and got me into a good savings habit which helped for that rainy month this year”.

Another said: “I was taking out payday loans as an only source of borrowing money due to my bad credit history, but the credit union has helped get me out of the cycle of extremely high interest payments.”

While a third member highlighted how the credit union was able to help where high street banks were not able to: “The credit union has assisted me with low interest loans where the bank has refused due to my poor credit rating.”

Help in an emergency

Two members had particularly moving stories which explained how the credit union was able to support them in an emergency.

One member said: “The credit union helped me to get my self-esteem back after the illness and death of my wife. I lost my business, my car and savings. The credit union was the only one to offer a loan related to my income plus the option of a minimal savings scheme whilst repaying.”

According to another member, the credit union was able to help when a significant change in the family finances happened: “After my daughter's disability benefits were stopped, we lived day-to-day using my credit cards. My loan application was approved and I paid off my credit cards. I will have saved around £680 in interest payments alone by the time my credit union loan is paid off, and I'll have my savings too.”

Day-to-day living expenses

Some members have used their affordable loan to help with the necessities of life such as accommodation, household goods or travel to work.

Said one member: “The credit union has been most helpful to me when it provided me with a very low interest 'Saver Loan' in February 2015, which I used to pay for a deposit for rented accommodation.”

Another member said: “The credit union has been a massive help for me. I was able to buy a new washing machine, fridge freezer and various other items. My washing machine had broken down so I needed one urgently.”

A third person said: “The credit union has helped me to pay for an essential train season ticket for travel to work, making my very expensive travel a little cheaper.”

Safe savings

But not all members see their credit union solely as a source of affordable credit. Many people recognise the benefits of saving with us too.

With Christmas approaching, one of our members highlighted the important point that a Saver Loan from London Capital Credit Union also helps people save.

“London Capital Credit Union has helped me to plan my borrowing to help pay for things like Christmas, but I always know I won’t be able to get out of my depth because I am building up savings as well as paying off my loan.”

Another member said the credit union “helped me save, get a grip of my finances and give me space to improve my credit rating. It makes me happy to know I am a member of something that, if I get into problems, will act as a friend and can go and talk to without fear or judgement.”

An advantage of saving with the credit union is that the funds saved with us can then be lent out to help others. As one member put it, “I save with London Capital Credit Union as I hope that my savings will help prevent people going to payday lenders.”

Payroll deduction

Some people really like the fact that we offer a payroll deduction service for savings and loans straight from your pay packet. “The best bit,” said one member, “is that money comes out of wages so no chance to spend it first!”

People also like to save with London Capital Credit Union because we are a co-operative owned by our members. One of our members summed things up nicely: “I much prefer to save with an organisation where the key stakeholder is not the shareholder but the customer.”

So, whether you are looking to borrow some extra cash, or are looking for a safe place for your savings in an ethical organisation, why not get in touch with us today?


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  • London Capital Credit Union
  • Tel: 020 7561 1786 (Multilingual advisors available)  • 
  • Fax: 020 7272 8192  • 
  • Email: info@credit-union.coop
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