Applying for London Community Credit Union Loan – Loans from credit unions are only available to members who are at least 18 years old.
If you are not a current member of the credit union and you apply for a loan, your application will also be considered an application for membership in the credit union. Before the terms of your loan agreement can be finalized, you are required to open a savings account and make an initial deposit into it.
Information required to complete a loan application
- Name, address and contact details
- Details of employment or benefit payment entitlement
- Details of your income and regular expenditure
- Bank account details to which the loan can be paid
If your loan is agreed we will request documentary proof of your ID, address and income
- Examples of acceptable ID and address proof documentation is given in our proving your ID leaflet
- Last 3 three month’s bank statements
- Recent payslips or benefit entitlement letter
How your application for a loan will be evaluated
Regardless of your reason for borrowing or the amount requested we will consider your application carefully. We are a responsible lender and we want to be sure a loan doesn’t create more problems than it solves.
We carry out identity and credit reference agency checks to confirm the information you have provided and to help us assess your credit worthiness.
But we will do not automatically rule out applicants with low credit scores.
We understand people come to us because past debts or stretched finances mean they may struggle to access mainstream finance.
Our priority is to assure the repayments you agree are affordable and so we look at your income and spending habits
Your history of credit union membership is important to us. If there is evidence you have successfully repaid loans in the past or you save regularly it will count in your favour.
Successfully managing a loan from the credit union can actually improve your credit rating.
If you’re unsure whether a credit union loan is right for you, speak to one of our staff in branch or book an appointment to see a branch manager.
Read more here: London Community Credit Union