Lincolnshire Credit Union Ltd

The Lincolnshire Credit Union is a not for profit, Community focused, savings and loans provider. We specialise in small loans for those who are unable to access main stream lenders & may turn to a high cost lender such as a payday lender, door step lender, rent to own scheme or a Loan shark. We rely on savers to provide the lending capital to enable us to do this. In essence we are a cooperative – pooling members savings to enable us to grant loans. For those that cannot open a High Street Bank account, we partner with the Change Account, assisting individuals to open a transactional account with this third party provider. The monthly charge for the Change Account is reduced for people joining through the portal on our website. We are not a registered charity and are therefore precluded from accessing many funding streams aimed at charities. Our income is predominately derived from the interest we charge on our loans. Savings are fully protected under the Financial Services Compensation Scheme in the same way as a Bank. We are seen as an ethical alternative to a high cost lender for the following reasons: • Not for profit – no external shareholders • We have no interest in people remaining in a cycle of debt & encourage saving at the same time as borrowing • Max interest rate capped by law at 42.6% APR • No admin / arrangement fees • No early repayment charges • Interest charged on outstanding balance • We tackle financial exclusion through our partnership with the Change Account and sit on the Steering Group of the Financial Inclusion Partnership