Savings
We save together to provide for one another. Savings provide a pool of funds to make low cost loans to
members.
Community
We are a Self-help, not for profit financial organisation, mutually owned and democratically
controlled by its members.
Loans
We are a community, and so we offer affordable and fair loans to those who need them. We provide a safe and ethical alternative to loan sharks and dangerous options that people are often forced to turn to.
Who We Are
Caribbean
The beginning of Credit Unions in the United Kingdom was started by Caribbean people who had immigrated to England and found it difficult to obtain small loans from the bank. The LCCU was formed in 1973 by 21 founding members for two main reasons; Firstly it is a tradition for African Caribbean people to organise Unions for pooling community financial
resources and secondly it was difficult then, as it is now, for Black people to secure loans from mainstream financial institutions.
Leicester
LCCU’s early growth was further facilitated through the Leicester City Council, which had recognised the value of the Credit Union and supported a bid under the (then) Urban Funding Programme for a Development worker to widen the scope of Credit Unions in the City. LCCU has also become a model for wider Credit Union development in the City, resulting in the development of two further local credit unions in Leicester, one of which has become a national police credit union with a substantial share capital.
Credit Union
At LCCU’s inception in 1974 there were only 54 shareholders, but this grew steadily so that on the 40th Anniversary, the number of shareholders exceeded 500. In 2022, LCCU currently boasts a total of 538 members (including Junior members) with shares worth more than £1M. The Credit Union is affiliated with the Association of British Credit Unions Ltd (ABCUL), one of two national credit union organisations. LCCU offers Life Insurance on savings and Loan Protection Insurance on Loans for members who qualify. This is at no additional cost to our members. A dividend may also be paid to each member at the end of every financial year dependent on the profits generated. This information is shared with our members at our Annual General Meetings.
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