London Community Credit Union Information

London Community Credit Union is one of the capital's largest credit unions providing ethical financial services to over 16,000 members. This include loans, savings and current accounts. Anybody who lives, work or studies in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London, is eligible to join. Like other credit unions London Community Credit Union is mutually owned and managed by its members. This means we don’t exist simply to make profits for shareholders, like the mainstream banks. We focus on providing the best possible service and extending access to banking services to all members of the community. OUR STORY Tower Hamlets Credit Union, the forerunner to London Community Credit Union was established in 2000. It was set up with the support of the London Borough of Tower Hamlets and served as part of the council’s anti-poverty initiative. The first office was opened in Roman Road, Bow, from where we still serve the local community to this day. In 2002 we opened a second branch in Bethnal Green and in 2005 we opened a third in Poplar. Following our steady growth in Tower Hamlets we were invited to provide a credit union service in Hackney by the borough council. To do this we extended our ‘common bond’ which defines the parameters of where we can operate. We opened a branch in Mare Street, Hackney in 2010. To mark our expansion into a neighbouring borough we adopted our current name, London Community Credit Union. Our fifth branch was opened in Stratford, Newham in 2015 following a merger with an existing credit union, Newcred. HOW WE OPERATE By opening an account with us you become a member rather than a customer. We encourage each member to save and through pooling our savings we generate a common fund through which we can extend our banking services and provide low cost loans. Interest paid on loans is our main source of income. If we do make a profit, members can decide to award a dividend payment at our annual general meeting. The more you save with us, the greater your share of the dividend. And the more you save, the more you can borrow. Each year our annual general meeting also elects members to a volunteer Board of Directors. The Board governs the credit union with each director elected for a three year term.