London Community Credit Union Poplar

A leading financial services provider in the community of East London, London Community Credit Union (LCCU) was established in 2000 as Tower Hamlets Credit Union and served as part of the council’s anti-poverty initiative. One year later, Tower Hamlets Credit Union was recognised as the fastest growing credit union in the UK and became a major partner in the Department for Work and Pensions (DWP) Growth Fund which promote improved and provided affordable access to credit for financially marginalised groups. In 2010, we rebranded as LCCU after expanding into Hackney, Newham and surrounding boroughs.

LCCU is now one of the largest credit unions in London with over 14,000 members and five branches. One of the relatively few credit unions to offer a full range of banking services, including Current Accounts, LCCU is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) – formerly the Financial Services Authority (FSA). This means all savings up to £85,000 are guaranteed under the Financial Services Compensation Scheme.

Members are encouraged to save a little on a regular basis, £1.00 per week or £5.00 a month as a minimum. The pooling of members savings will help them and other members achieve financial security. Savings are mainly in the form of shares. Member’s share savings are pooled together, and used as a common fund from which members can apply for low cost loans. The more you save, the more you can borrow. Interest paid on loans is the Credit Unions main source of income. Income generated is used to provide member services and pay dividends based on members share savings.