Dear Members
We are writing to update you on our loan rates.
From Wednesday June 8 our new rates will be as follows:
| Regular Loan | Monthly rate % | Annual rate % | APR |
| £1 – £2000 | 3% | 36% | 42.6% |
| £2,001- £4,000 | 2.08% | 25% | 28.1% |
| £4,001 – £7,500 | 1.16% | 14% | 14.9 % |
| £7,501 – £15,000 | 0.92% | 11% | 11.6% |
The credit union has not changed its rates for more than 5 years.
We have taken this decision after reviewing individual loan applications and taking into account the impact of Covid-19 on LCCU and the wider economy.
There will be no impact for members applying for loans of up to £2,000 for which prices are unchanged.
The price changes will not have any impact on loans currently being repaid.
If you have questions or concerns then please telephone the Customer Support Team or speak to your local branch manager.
With thanks.
London Community Credit Union