Telephone: 020 8366 8244     Email: info@londoncommunityfinance.org   Postal address: 3 George Mews, Enfield, Middlesex, EN2 6JA

NORTH LONDON

CREDIT UNION

Serving the community of North London for over 20 years

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North London Credit Union

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Management & Governance: Keeping Your Money Safe

As an ethical organisation, we are transparent about our performance and operations (whilst of course maintaining confidentiality of personal information and data).

 

Credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are subject to strict controls on membership, interest and fees.

 

We are covered by the Financial Services Compensation Scheme (FSCS).  This means your money is safe, even in the unlikely event that the credit union fails.

 

We are a member of the Association of British Credit Unions (ABCUL), the UK trade body for credit unions and abide by their rules and guidelines.

 

Our Board are independent and elected (or re-elected) annually at our Annual General Meeting (AGM).  Our AGM gives our members the opportunity ask questions of the Board and Supervisory Committee and we warmly invite all members to attend.

 

North London Credit Union Management Board:

 

Sean Headley – Chair

Colette Taylor – Deputy Chair

Michael Bradley – Director

Geoff Folkes – Treasurer

Peter Lovell – Secretary

Tony Sathyaseelan – Director

 

 

North London Credit Union Supervisory Committee:

 

Richie Hamden – Compliance Officer

Tom Hanrahan – Member of the Supervisory Committee

Lydia Lezama – Member of the Supervisory Committee

 

See here for profiles of Board members.

 

Frequently Asked Questions

Frequently Asked Questions For Business Lending

Credit unions are open, transparent organisations, run by and for their members and as such, we make our performance figures, aims and objectives available to public view.

 

 

 

Here you can find our annual reports and accounts, so that you can see how we are performing.  Please feel free to contact us should you have any questions or comments: info@londoncommunityfinance.org

 

 

 

Annual report 2012 – 2013

 

Annual Report 2012-13 – final

 

Audited accounts 2012 – 2013

 

NLCU Accounts 30th September 2013

 

 

 

Please note, the credit union financial year runs from 1st October to 30th September and all accounts are subject to an external audit prior to publication.

 

Established and based in Enfield since 1994, North London Credit Union (NLCU) is a not-for-profit financial co-operative, run on behalf of its members by a small team of paid staff and volunteers, who all live in the North London area.

 

We offer a variety of fair loans and secure savings products for our members.

 

We also run free and simple payroll deduction schemes to give your employees access to all our products, as well as savings clubs for groups and schools.

 

Fair, Ethical and Secure

 

We promote sound financial management by lending responsibly and encouraging our members to save.

 

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  We are covered by the Financial Services Compensation Scheme (FSCS).  We are a member of the Association of British Credit Unions (ABCUL), the UK trade body for credit unions.

 

We have an independent Board, elected at our Annual General Meetings (AGMs), at which we discuss our activities over the last year and give our members the opportunity ask questions of the Board and Supervisory Committee.

 

Who Can Join?

 

Individuals: membership is free and open to individuals who live or work in the boroughs of Enfield, Barnet, Haringey, Waltham Forest and south Hertfordshire.

 

Businesses: if you’re outside south Hertfordshire or the boroughs of Barnet, Enfield, Haringey and Waltham Forest, but would like access to fair finance, you can join through the London Enterprise Club, which currently costs a one-off fee of just £35.  There are no set-up fees for loans or other charges, even for early repayment.

 

Employers: you can offer our great savings, loans and financial awareness if you have at least one premises in the boroughs of Haringey, Enfield, Barnet, Waltham Forest, or in parts of Hertfordshire.  We can then extend membership to other sites, if requested or refer you to other credit unions in those areas.

 

If you are outside these areas, you can find your local credit union at http://www.findyourcreditunion.co.uk/home

 

About Us

Accounts and Reporting

Testimonials

 

We're currently collecting new testimonials - if you're interested in letting us tell your story about how NLCU helped you please get in touch

  • Do you accept corporate deposits?

    Do you accept corporate deposits?

    Not currently, however we have been approached by a number of charities and faith groups who wish to support us and at the same time, get an improved return on their funds, so we are looking into this and are hoping to be able to hold funds for certain types of organisations in the near future.  If you would like us to keep you informed of our progress, please email info@londoncommunityfinance.org

  • I would like to support the work you do, how can I help?

    I would like to support the work you do, how can I help?

    There are many, many ways to help and most of them won’t cost you anything.

     

    We don’t have much money for marketing, so one of the best things you can do for us is to help spread the word!  Encourage people to find out more about us, particularly if they need help with their finances.  If they do become a member and mention you, you’ll be eligible for a referral bonus to say thank you.

     

    We are also keen to display posters and leaflets where they will reach potential members.

     

    We also employ a number of volunteers, some of whom are looking for work experience, some who work part-time or are retired – they’re all welcome, we can often use an extra pair of hands, please call 020 8366 8244 to find out more

     

  • How much interest do you pay on savings accounts?

    How much interest do you pay on savings accounts?

    At each Annual General Meeting (AGM) the members decide, on the basis of the annual accounts, whether to pay a dividend for our general savings account (Easy-Access Savers).  This depends on whether the organisation has made a ‘profit’ that year and whether it is decided that the profit should be paid to the members or reinvested in the business. With a dividend payment you receive a share in the organisation’s profits, rather than receive a fixed rate of interest. For some years we paid a dividend of 5%, but for the year to 30th September 2009 (because of prevailing rates of interest and difficult trading conditions) this was reduced to 2%.  The rate since 1st October 2011 has been 1.5%.

     

    We are likely to change our rules in the near future to allow us to pay our members interest instead of a dividend and to advise our rate in advance.

  • How do I pay into the North London Credit Union?

    How do I pay into the North London Credit Union?

    If you are an employee of one of the organisations listed here who we currently have an agreement with you can pay into your Credit Union account directly from your salary or wages using our Payroll Deduction Form.  Alternatively you can pay by direct debit, by standing order, or make one-off payments by cheque. By special arrangement, you can pay directly into our bank account.  Contact us on 020 8366 8244 to find out more.

  • How much can I save and how often?

    How much can I save and how often?

    You can save as much as you want, whenever you want.  If, however, you want to save regularly, the minimum payment for an adult by direct debit, standing order or payroll is £10 a month.  There is no set upper limit and what you pay in is your own choice.  There is no minimum amount for Junior Savers.  The maximum amount any individual can save with us is £15,000.

  • How much can I borrow?

    How much can I borrow?

    Our decision on whether we can lend is mainly based on our assessment of your ability to repay. We aim to make sure that your loan is affordable and that it is realistic to expect you to repay it within the time agreed.  We offer different types of loan from £100 to £15,000 for individuals and established businesses.  All loans are arranged with repayments to suit your needs and with no early repayment penalties.  Interest is charged on the reducing balance.

  • What identification do I need to open an account?

    What identification do I need to open an account?

    Like any financial institution we need to have proof of who you are and where you live. We will be flexible with these needs as long as our legal obligations are being met. A passport and utility bill will get an account open, as would a letter from the tax credit office together with a bank statement. For further information visit our Proof of Identity section.

     

  • Are you like a bank?

    Are you like a bank?

    Not really.  As a mutual all our members are shareholders and so the benefits from successful growth of a credit union are more widely distributed than in traditional financial institutions.

     

    We believe there is a credible and responsible alternative for savings and loans.  Credit unions can provide that alternative.

     

  • Is my money safe?

    Is my money safe?

    Yes. Just like a bank, we are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority (company number 213809).

     

    Our staff and Board of Directors are designated as ‘authorised persons ‘ by the FCA which means they undergo a range of checks on their backgrounds, to protect you and your shares in the business.  We are covered by the Financial Services Compensation Scheme,which means that should the worst happen, you will get back any savings that you have with us.

     

  • I am not a member of the Credit Union. Can I borrow money?

    I am not a member of the Credit Union. Can I borrow money?

    You can join at the same time as you make your loan application.  Membership is free and you do not need to continue with your membership should we be unable to lend to you, but we cannot lend to someone who is not a member of the credit union.

  • Are there any penalties if I pay my loan off early?

    Are there any penalties if I pay my loan off early?

    No, none at all.  In addition, interest is charged only on the reducing balance (i.e. you only pay interest on the unpaid part of your loan).  We usually advise that you repay smaller amounts over a longer period, so that you are making the minimum repayments at the very least, but you are free to pay more, as and when you are able to afford it.

  • What are the interest rates for personal loans?

    What are the interest rates for personal loans?

    Our loans are charged at varying amounts depending on the amount you’re borrowing and our assessment of the risk involved to us of lending you the money.

  • How much can I borrow?

    How much can I borrow?

    For start ups, we recommend Financing Start-Up Enterprise Limited, a Delivery Partner of the Start-Up Loans Company, based in the same office as the Credit Union and sharing their expertise.

     

    For businesses which have been operating longer than 12 months we can lend up to £15,000 per person over a term of 5 years.  See our For Business page for more information.

     

     

  • Where does my business have to be located?

    Where does my business have to be located?

    We can lend to a business based in any of the 32 London Boroughs or in the City of London.  An additional membership fee to join the London Enterprise Club is payable should you be outside the boroughs of Barnet, Enfield, Haringey, Waltham Forest or southern Hertfordshire.

  • Who can apply for loan support?

    Who can apply for loan support?

    Applications can be made from sole traders, partnerships, co-operatives or limited companies. Most business sectors are eligible, although there are some businesses that we are unable to assist.

  • How will my applications be dealt with?

    How will my applications be dealt with?

    Once we receive your application, we will require some time to assess it. We will usually give you some form of feedback within a week of us receiving the application, however we cannot guarantee this.  Once we have looked through the application we will contact you and advise you of how we will proceed. If we do not feel your business is one we can assist, we will inform you at this time.

  • What happens then?

    What happens then?

    We will work with you to build an application which we believe will be approved by our loan panel. This procedure (known as “due diligence”) may involve you in work to satisfy any queries or concerns we have. If further information of an adverse nature comes to light during the due diligence process we may advise you that we are unable to continue with your application.

  • What is the interest payable?

    What is the interest payable?

    Interest rates will be decided ifwe decide we can offer finance, but will be between 1% a month (12.68% APR) and 1.4% a month (18.2% APR).

  • Does a business loan involve any costs other than interest?

    Does a business loan involve any costs other than interest?

    An additional membership fee to join the London Enterprise Club is payable should you be outside the boroughs of Barnet, Enfield, Haringey, Waltham Forest or southern Hertfordshire.  In 2013/14, this was a one-off fee of £35.

  • How are repayments made on a business loan?

    How are repayments made on a business loan?

    By direct debit, usually on the 1st of the month following drawdown.

     

  • How do I get more information on how to apply for a loan?

    Is my information confidential?

    All loan applications and information is fully covered by the Data Protection Act, we do not share your information with anybody without your consent.

     

    It is however a term of your loan agreement that the loan information is shared with the credit reference agency Experian who will keep your credit file co-ordinated through the CAIS system .

     

    We regret that we will nto sign NDA's for business applications.

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GET IN TOUCH WITH US

020 8366 8244

3 George Mews

Enfield

Middlesex

EN2 6JA

info@londoncommunityfinance.org

North London Credit Union

 

All content belongs to North London Credit Union unless otherwise stated. North London Credit Union Ltd. is a not-for-profit financial cooperative, run & controlled by its members. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Registered Office: 3 George Mews, Enfield, Middlesex, EN2 6JA, registration no. 213809 . Savings are covered by the Financial Services Compensation Scheme (FSCS).