London Capital Credit Union
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Would Not Recommend – Misled, Ignored, and Emotionally Drained by This Credit Union
I applied for a loan from London Capital Credit Union in good faith. I submitted all required documents – including my passport, BRP, payslips, and proof of address. After waiting patiently for over two weeks, I received a phone call confirming that my loan had been approved and I would receive the funds the next day. Based on that confirmation, I paid the deposit, signed the loan agreement, submitted my bank details, and prepared for the Direct Debit to start. I had become a member specifically because I was looking for financial help with some debt and a loan to cover my accommodation deposit. However, just hours before the funds were expected, I received a text message saying the loan had been declined — without proper explanation or accountability. No one informed me in advance. I was left in shock, with no funds, a missed Direct Debit, and serious damage to my credit. I filed a formal complaint, and as of now I’m still waiting for a meaningful response. The emotional distress, financial impact, and total lack of care shown have been appalling. Would not recommend based on my experience — especially to anyone hoping for a thoughtful or responsive service. This is not a place for people in genuine need. I plan to escalate this complaint to the Financial Ombudsman, and I am now considering further action, including legal steps through the High Court if necessary. This organisation has proven to be absolutely incompetent and a complete waste of time. UPDATE: In response to the company’s comment: I raised the formal complaint only after two full weeks of cooperation and submission of all required steps, including identity verification, signed agreement, and Direct Debit setup. The so-called “identity issue” was never communicated until the sudden rejection. Why was I allowed to proceed so far if my ID was in question? I now face a missed Direct Debit, credit damage, and severe financial stress — caused directly by this organisation’s process and miscommunication. This is not just about waiting — it’s about accountability. UPDATE : In response to the company’s comment again: “Your response is incredibly disappointing — not only because it lacks accountability, but because it shifts blame onto me, a member who followed every instruction in good faith. I only submitted a formal complaint after weeks of full cooperation: providing all ID, payslips, signing the loan agreement, paying the deposit, and being told my loan was approved. To then say “if your Direct Debit failed, you cannot afford to repay a loan” is deeply offensive. It was your organisation’s decision to initiate the Direct Debit after telling me the loan was approved. The DD failed because your process collapsed without notice, not because I was incapable. The issue was never my affordability — it was the confusion and inconsistency within your own team. I will be taking this matter to the Financial Ombudsman, and I hope other customers read this and think twice before placing trust in this system. This is not how any member should be treated especially not one in genuine need.