195:. Southwark Credit Union was among the first British credit unions to adopt the PEARLS financial monitoring system, which increased financial discipline, maximised savings and which lead to the introduction of risk based lending. As part of a drive to develop products and services to meet people's needs, in 2006, the credit union was the first in the UK to offer current accounts, alongside benefit direct accounts, flexible savings accounts, instant and accessible loans. In 2006, Southwark Credit Union became the first credit union to deliver Financial Inclusion Growth Fund loans through a contract with the
248:
borrowers could take out a payday loan or spread out repayment over a longer period. 29% of applicants repaid their loan in one month, while 59% of applicants opted to repay their loan over three months. However, in a survey, 66% of applicants said their main reason for taking out a loan with London Mutual was the low cost of borrowing compared to other payday lenders. Only 10% said that the option to repay over a longer period of time was their main reason for choosing the credit union.
175:
unions at the time, it was a small savings and loans co-operative which offered its members a limited range of financial products and services. Despite being the first credit union in the UK to operate a payroll deduction scheme, Southwark
Council Employees Credit Union only recruited between 200 and 300 members from a workforce of over 12,000 in the first nine years of its existence.
252:
serves. Following the completion of the pilot London Mutual Credit Union made its payday loan facility available to anyone living or working in the London boroughs of
Southwark, Lambeth, City of Westminster and Camden. Like high-cost payday lenders the credit union allows borrowers to take out a CUOK payday loan online.
251:
According to LMCU, the payday loan pilot saved 1,219 borrowers collectively saved £145,000, or £119 each, compared to borrowing from a high-cost payday lender. The credit union developed its payday and short-term loan products in response to increased use of payday lenders in the London boroughs it
174:
was originally established for a London-based local authority staff in 1982, (known as
Southwark Council Employees Credit Union) by a small group of volunteers. It was formed to address the economic hardship among low paid manual workers and the local Caribbean community. Like other British credit
207:
Throughout its early years, the credit union absorbed a number of smaller credit unions in
Southwark. The first of these, in 1997, was Camberwell Health Authority Credit Union (established in 1991), followed, in 2001, by the Camberwell Credit Union (established 1980). In 2010, members of Lambeth
247:
Community
Finance Fund, with project support from the Financial Inclusion Centre. The pilot payday loan received 6,087 applications for an average loan of £238. In the 12-month pilot, 2,923 short-term loans with a value of £687,757 were provided to 1,219 different borrowers. Under the scheme,
279:. The Financial Services Compensation Scheme can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered.
178:
From 1991 onwards, Southwark
Council Employees Credit Union implemented a range of reforms, including the introduction of improved IT systems and staff development. In 1997, it opened membership to employees of
597:
871:
570:
590:
268:
876:
866:
583:
722:
208:
Savings and Credit Union (established 2006) voted to transfer engagements to
Southwark Credit Union, which adopted the present name, extending its
886:
737:
276:
36:
665:
350:
22:
844:
832:
261:
142:
and operating in the City of
Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include
791:
606:
288:
881:
337:
801:
727:
453:
429:
707:
196:
223:. Most recently, in 2013, it absorbed Camden Plus Credit Union (established 2006), expanding its area of operation to include
811:
528:
838:
650:
293:
676:
816:
645:
544:
272:
192:
275:
and PRA, who also regulate banks, building societies and insurance companies. London Mutual is also a member of the
209:
180:
477:
806:
640:
630:
571:
Can payday loan alternatives be affordable and viable? An evaluation of London Mutual Credit Union’s pilot scheme
213:
796:
752:
701:
660:
224:
166:
239:. The initial 12 months trial for short-term payday loans was completed in 2013. The scheme was funded by the
747:
683:
670:
635:
260:
Registered under the
Industrial and Provident Societies Acts, London Mutual Credit Union is a member of the
219:
In 2012, LMCU absorbed the
Pimlico Credit Union (established 1980), enlarging its south London base to the
712:
625:
345:. Liverpool: School of Applied Social and Community Studies, Liverpool John Moores University. p. 9.
620:
373:
775:
760:
220:
717:
56:
770:
346:
240:
765:
742:
732:
78:
356:
532:
82:
575:
860:
236:
235:
In 2012, London Mutual Credit Union became the first British credit union to offer
154:
135:
46:
525:
389:
143:
35:
502:
405:
313:
244:
147:
139:
74:
103:
336:
O. Sallyanne (Olufemi Sallyanne), Decker; Jones, Paul A. (2007).
560:
535:
Association of British Credit Unions (retrieved 1 November 2014)
579:
547:
Financial Services Compensation Scheme (retrieved 2 April 2015)
375:
Decision details: Provision of credit union services in Lambeth
565:
478:"Credit unions aim to beat payday lenders at their own game"
118:
16:
British not-for-profit member-owned financial co-operative
503:"Payday Loans Online: Learn How To Apply Fast and Secure"
267:
As a financial institution, it is authorised by the
825:
784:
693:
613:
339:
The development of Southwark Credit Union 1982-2007
113:
101:
88:
70:
62:
52:
42:
157:had over 31,300 members and 3,600 junior members.
134:(LMCU) is a not-for-profit member-owned financial
591:
8:
872:Financial services companies based in London
28:
598:
584:
576:
455:Credit union pilots cheaper "payday" loans
431:Credit union pilots cheaper "payday" loans
407:Credit union pilots cheaper "payday" loans
315:Credit union pilots cheaper "payday" loans
185:Southwark and Kings Employees Credit Union
34:
27:
394:, London Mutual Credit Union, July 2011
305:
153:Established in 1982, by June 2020, the
277:Financial Services Compensation Scheme
877:British companies established in 1982
378:, London Borough of Lambeth, May 2010
23:Royal London Mutual Insurance Society
7:
833:Association of British Credit Unions
566:Association of British Credit Unions
526:Credit unions in membership of ABCUL
262:Association of British Credit Unions
867:Credit unions of the United Kingdom
607:Credit unions in the United Kingdom
289:Credit unions in the United Kingdom
845:Ulster Federation of Credit Unions
476:Patrick Collinson (25 July 2013),
452:Ellie Duncan (12 September 2013),
428:Ellie Duncan (12 September 2013),
132:London Mutual Credit Union Limited
14:
191:, to anyone living or working in
501:Zak Thompson (21 October 2015),
197:Department for Work and Pensions
269:Prudential Regulation Authority
887:1982 establishments in England
1:
839:Irish League of Credit Unions
294:British co-operative movement
273:Financial Conduct Authority
109:£30 million (Jun 2020)
903:
561:London Mutual Credit Union
164:
29:London Mutual Credit Union
20:
882:Banks established in 1982
631:Eastern Savings and Loans
214:London Borough of Lambeth
33:
391:Pimlico merger completed
225:London Borough of Camden
167:History of credit unions
94:Lakshman Chandrasekera,
21:Not to be confused with
410:, BBC News, 15 May 2013
318:, BBC News, 15 May 2013
181:King's College Hospital
792:District of Canterbury
531:3 January 2015 at the
189:Southwark Credit Union
271:and regulated by the
146:, deposit-taking and
802:Hornsey Co-operative
728:National Fire Savers
362:on 11 November 2014.
757:Police Credit Union
243:Foundation and the
221:City of Westminster
30:
545:Credit Union Guide
57:Financial services
854:
853:
812:North West London
352:978-0-9553997-4-9
241:Friends Provident
187:and, in 1999, as
183:, under the name
129:
128:
97:
894:
708:Churches' Mutual
651:London Community
600:
593:
586:
577:
548:
542:
536:
523:
517:
516:
515:
513:
498:
492:
491:
490:
488:
473:
467:
466:
465:
463:
449:
443:
442:
441:
439:
425:
419:
418:
417:
415:
402:
396:
395:
386:
380:
379:
370:
364:
363:
361:
355:. Archived from
344:
333:
327:
326:
325:
323:
310:
172:The Credit Union
125:
122:
120:
106:
95:
38:
31:
902:
901:
897:
896:
895:
893:
892:
891:
857:
856:
855:
850:
821:
780:
689:
677:Wandsworth Plus
609:
604:
557:
552:
551:
543:
539:
533:Wayback Machine
524:
520:
511:
509:
500:
499:
495:
486:
484:
475:
474:
470:
461:
459:
451:
450:
446:
437:
435:
427:
426:
422:
413:
411:
404:
403:
399:
388:
387:
383:
372:
371:
367:
359:
353:
342:
335:
334:
330:
321:
319:
312:
311:
307:
302:
285:
258:
233:
212:to take in the
205:
169:
163:
117:
102:
91:
81:
26:
17:
12:
11:
5:
900:
898:
890:
889:
884:
879:
874:
869:
859:
858:
852:
851:
849:
848:
842:
836:
829:
827:
823:
822:
820:
819:
817:Radio Taxicabs
814:
809:
804:
799:
794:
788:
786:
782:
781:
779:
778:
773:
768:
763:
758:
755:
750:
745:
740:
735:
730:
725:
720:
715:
710:
705:
697:
695:
691:
690:
688:
687:
680:
673:
668:
663:
658:
653:
648:
646:London Capital
643:
638:
633:
628:
623:
617:
615:
611:
610:
605:
603:
602:
595:
588:
580:
574:
573:
568:
563:
556:
555:External links
553:
550:
549:
537:
518:
493:
468:
458:, Credit Today
444:
434:, Credit Today
420:
397:
381:
365:
351:
328:
304:
303:
301:
298:
297:
296:
291:
284:
281:
257:
254:
232:
229:
204:
201:
162:
159:
144:retail banking
127:
126:
115:
111:
110:
107:
99:
98:
92:
89:
86:
85:
83:United Kingdom
72:
68:
67:
64:
60:
59:
54:
50:
49:
44:
40:
39:
15:
13:
10:
9:
6:
4:
3:
2:
899:
888:
885:
883:
880:
878:
875:
873:
870:
868:
865:
864:
862:
846:
843:
840:
837:
834:
831:
830:
828:
824:
818:
815:
813:
810:
808:
805:
803:
800:
798:
795:
793:
790:
789:
787:
783:
777:
774:
772:
769:
767:
764:
762:
759:
756:
754:
751:
749:
746:
744:
741:
739:
736:
734:
731:
729:
726:
724:
721:
719:
716:
714:
711:
709:
706:
704:
703:
699:
698:
696:
692:
686:
685:
681:
679:
678:
674:
672:
669:
667:
664:
662:
659:
657:
656:London Mutual
654:
652:
649:
647:
644:
642:
639:
637:
634:
632:
629:
627:
624:
622:
619:
618:
616:
612:
608:
601:
596:
594:
589:
587:
582:
581:
578:
572:
569:
567:
564:
562:
559:
558:
554:
546:
541:
538:
534:
530:
527:
522:
519:
508:
504:
497:
494:
483:
479:
472:
469:
457:
456:
448:
445:
433:
432:
424:
421:
409:
408:
401:
398:
393:
392:
385:
382:
377:
376:
369:
366:
358:
354:
348:
341:
340:
332:
329:
317:
316:
309:
306:
299:
295:
292:
290:
287:
286:
282:
280:
278:
274:
270:
265:
263:
255:
253:
249:
246:
242:
238:
230:
228:
226:
222:
217:
215:
211:
202:
200:
198:
194:
190:
186:
182:
176:
173:
168:
160:
158:
156:
151:
149:
145:
141:
137:
133:
124:
116:
112:
108:
105:
100:
93:
87:
84:
80:
76:
73:
69:
65:
61:
58:
55:
51:
48:
45:
41:
37:
32:
24:
19:
826:Associations
807:North London
738:OU Employees
700:
682:
675:
655:
641:Lincolnshire
540:
521:
510:, retrieved
506:
496:
485:, retrieved
482:The Guardian
481:
471:
460:, retrieved
454:
447:
436:, retrieved
430:
423:
412:, retrieved
406:
400:
390:
384:
374:
368:
357:the original
338:
331:
320:, retrieved
314:
308:
266:
259:
250:
237:payday loans
234:
218:
206:
188:
184:
177:
171:
170:
155:credit union
152:
136:co-operative
131:
130:
104:Total assets
71:Headquarters
47:Credit Union
43:Company type
18:
797:East London
753:Plane Saver
702:Changemaker
666:Plaid Cymru
661:London Plus
210:common bond
193:the borough
138:, based in
119:creditunion
861:Categories
761:retailCURe
748:Penny Post
694:Industrial
684:White Rose
671:Thamesbank
636:Leeds City
487:16 October
462:14 October
438:14 October
414:16 October
322:16 October
300:References
256:Regulation
165:See also:
90:Key people
785:Dissolved
776:TCU Money
713:1st Class
626:The Co-op
614:Community
507:Money Zap
264:Limited.
621:Commsave
529:Archived
512:26 March
283:See also
245:Barclays
231:Products
53:Industry
203:Mergers
161:History
148:lending
140:Peckham
114:Website
63:Founded
349:
75:London
718:Unity
360:(PDF)
343:(PDF)
847:(NI)
841:(NI)
835:(GB)
771:SCVO
723:NFRN
514:2016
489:2013
464:2013
440:2013
416:2013
347:ISBN
324:2013
79:SE15
66:1982
766:RMT
743:PCS
733:NHS
199:.
123:.uk
121:.co
96:CEO
863::
505:,
480:,
227:.
216:.
150:.
77:,
599:e
592:t
585:v
25:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
