Established in 1982 to provide Credit Union services to employees of the London Borough of Southwark It has merged with 6 of the local Credit Unions. Now it is the only Credit Union in Southwark, Lambeth, and Westminster & Camden providing
wide range of products and services together with five dedicated branch offices where members could access the services. It was also the first credit union in the UK to operate a payroll deduction scheme.
2011/12 Saw the introduction of a fully automatic
on-line payday loan alternative responding to the growing use of high cost credit it has saved the borrowers a tidy sum in interest rates and follow up to become members.
As a full-service financial institution, London Mutual Credit Union
(LMCU) is the largest live or work Credit Union in London, with over £19million in assets, and over 21,000 member-owners (September 2014). LMCU has 40 professional and knowledgeable employees, and is comprised of five branches and a head office in Peckham,
London. The new head office (pictured) building at 4 Heaton Road, Peckham was opened on the 24th February 2012. In 2016 London Mutual has also launched a new debit card programme, powered by Optimus Card Group. London Mutual says the new debit
card scheme in partnership with MasterCard that brings true, fully functional debit cards to credit union members across the country.
In 2017 the credit union developed and implemented its own core banking system on line, telephone and mobile banking,
the first credit union in England do so. The credit union is hoping in 2018 to be in a position to offer mortgages as the first credit union to do so in London and aspirations to take on the rent to own such as Bright House.