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Loan Information Page
At The London Adventist Credit Union, we currently provide two different types of loans. To gain access to either of our loans, you must become a member of the credit union. For more information on how to join The London Adventist Credit Union, please see here.
How can I take out a loan?

Members are encouraged to save regularly for a minimum period if they do not already have a history or regular saving through other savings accounts. Members are allowed to apply for a loan. The amount of money you can borrow and the repayment terms will depend upon the period and value of your savings, the purpose of the loan, the amount requested and the character of the member.

All loans are protected by life assurance with the premiums paid by the Credit Union. This means that your loan is paid off should you die.

Information on LACU Capacity-to-Repay Loans:

The credit union has been in existence for over 21 years and has an asset base of over 300,000.

Currently the LACU has over 250,000 in its loan portfolio fund available to lend to its members

All loans are subject to the individual member submitting a complete and accurate loan application to support their capacity to repay a loan from the LACU..

The capacity-to-repay loans are available to new members who may need to get a loan prior to the 6 months share based lending service.
Members must supply

Details of current income and expenditure

Details of current indebtedness to other creditors and existing LACU loans

Declaration as to the accuracy of the information submitted

Initial loans of up to 3,000 per loan are available to all SEC staff subject to

circumstances and conditions. Larger loans can be considered on request.

The loans are charged at 1% on the outstanding loan balance each month.

As with all credit union loans, there are no penalties for early repayment.

London Adventist Credit Union only charges 1% on the outstanding balance each month equivalent to 12.67% APR. So for example, if 100 is borrowed, repayable over 12 months, a total of 106.50 is repaid). The officers of the Credit Union decide the rate of interest charged on your loan. By law, this cannot be more than 2% each month on the reducing balance. At 2% this is equivalent to an Annual Percentage Rate (APR) of 22%.

By law, every Credit Union has to maintain financial reserves to cover any loan not repaid in full. In addition, there is a national fund to which all Credit Unions subscribe to give you further protection.

If you wish to apply for a loan - Click here

                         Office :   LACU c/o The John Loughborough School, Holcombe Road, Tottenham, London N17 9AD.
                                 Mobile :  07930 854730  Email :