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London Plus Credit Union

London Plus credit unionGenesis has recently partnered with London Plus Credit Union.

This means that instead of working with lots of credit unions, Genesis will work with a single Credit Union to provide a consistent service to all customers, regardless of where they live.

All Genesis customers are eligible to join London Plus Credit Union.

A Credit Union is like a Community Bank, where you can save and borrow and get help with managing your money.

To find out more about London Plus, we have prepared some FAQ’s which should answer most of your questions.

If you have any further questions or want to find out more about London Plus’ services, please contact London Plus on 020 7471 2620 or visit http://londonpluscu.co.uk/

It is very easy to join the Credit Union and the sign up process takes less than 5 minutes.

Join now

Better savings

With a savings account with London Plus, you can save for Christmas, holidays or just for a rainy day. Like a bank or building society, your money is protected by the Financial Services Compensation Scheme, and you will receive a minimum return of 1 per cent per annum – a very competitive rate.

Better borrowing

London Plus Credit Union offer is available to all Genesis customers.

Depending on your circumstances, you can borrow from £50 to several thousand pounds, at much fairer rates of interest than a doorstep, payday or high cost lender.

For example, a loan of £500 over 6 months would cost you just £554 to repay with an instant loan or £536 to repay with a ‘Save as you borrow’ loan. In comparison, a typical doorstep lender would charge you £910 or a well-known payday lender would charge triple this! Loan interest is calculated

on a reducing balance and there are no penalties for early repayment.

Better Budgeting

London Plus has introduced a ‘jam jar’ budget account, with extra features for people on Universal Credit. The idea is that when your money goes into the account, you agree how you wish to divide your money. You pay your rent to Genesis and the remaining money can be divided and transferred into your bank account or onto a pre-paid card at a cycle that suits your needs.

Join in five minutes

It is very easy to join the Credit Union and the sign up process takes less than 5 minutes.

To join now, click on this link

What is a credit union?

A credit union is like a community bank. It’s where local people can save, borrow and get help with managing their money.

How much does it cost to join the credit union?

It costs a one-off £3.00 membership fee to join and you need to keep £5.00 as a minimum savings balance.

Why has Genesis partnered with a credit union?

Genesis understands that some residents would like additional help managing money and accessing low cost loans. We wanted to make sure that as part of our financial inclusion work, all of our residents can have the same offering from a preferred partner.

Joining London Plus

How do I open an account/apply for a loan with London Plus?

Simply log on to http://londonpluscu.co.uk/ and click the purple ‘Join Us’ icon at the top right hand side. The membership application will take five minutes and you will receive a welcome email once the account has been opened. If you don’t have online access, then you can arrange for a paper application by calling London Plus on 020 7471 2620.

How does London Plus know I am a Genesis resident?

The first question on the application form asks: Please indicate how you are eligible for membership at the Credit Union. In the drop down box choose ‘staff or tenant of Genesis Housing Association’. That identifies you as a Genesis resident, and confirms your eligibility to join London Plus.

How does London Plus identify me?

London Plus uses an electronic identification tool to open accounts. On a rare occasion they are unable to confirm identity using this tool, they will contact you and request additional ID such as a copy of your passport/Driving licence along with a copy of a utility bill.

I already have a credit union account, should I close it?

No. We realise that there are many different credit unions that cover the areas where our residents live and they all have different products and services. We wanted to give our residents a similar service offering through London Plus but if you already have a good

relationship with another credit union then you should stay with them. The choice is always yours.

I have a friend who is not a Genesis resident; can they join London Plus Credit Union?

London Plus can accept members from a host of other housing providers and also in certain geographical locations. Ask your friend to look at www.londonpluscu.co.uk to find out if they are eligible.

Can I see someone face to face?

Yes. London Plus has an office based in Fulham for anyone that wishes to have a face to face meeting. However, you may find that all the information you need is on the London Plus website or by calling 020 7471 2620.

How do I contact London Plus?

Email info@londonpluscu.co.uk or phone 020 7471 2620. You can also contact them by post at 274 North End Road, London SW6 1NJ.

Saving with London Plus

How can I save with London Plus?

There are lots of ways you can save with London Plus. You can set up a Standing order, divert one of your benefits (e.g. Child Benefit), send an online payment, use a paypoint card that you will be issued with, make debit card payments over the phone or send cheques in the post.

Will I be declined if I have a CCJ (County Court Judgement)?

Not necessarily. London Plus will look at the overall situation and are all about helping people who may have difficulty accessing high street borrowing so don’t let that put you off.

Does London Plus credit score me?

Yes, London Plus has a credit scoring system so it is important that you are honest with your application as they will check.

Will my money be safe and secure?

Yes. London Plus Credit Union is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. As such, savings have protection under the Financial Services Compensation Scheme. This is exactly the same as a high street bank or building society. Savings are covered up to £85,000 for each member.

How much can I save each month?

You can save as little or as much as you like and pay into your account as often as you choose – weekly, monthly or whenever you want. You just need to make sure that you always have a minimum amount of £5 in your account.

What is the maximum I can save?

The maximum savings across all of your accounts is £15,000.

What is the interest rate on savings?

Because London Plus is a ‘not for profit’ organisation, it shares its profits with its membership. So while there is no scheduled Interest rate, the Directors aim for a 1% return which is a competitive rate for an instant access account.

What is a Budget Plus Account?

It’s an account designed to help you manage your key expenses: rent, council tax and utility bills. It also helps you separate out the monies to spend and can incorporate a Visa Prepaid card.

My London Plus account

How much can I borrow?

Loans can be issued up to £5,000 but this does depend on different loan products and eligibility criteria. Look at the London Plus website to find out what suits your circumstances best.

Will London Plus Credit Union share any of my personal information with Genesis or vice versa?

No, absolutely not. We both take your security and privacy very seriously and would never divulge any personal information.

If I am no longer a Genesis resident, will I be able to keep my account with London Plus?

Yes. Once you are a member of London Plus, no matter where you live in the country you can stay a member.

How can I check my balance?

You can check your balance online by signing up to online banking. Just click on the ‘Manage your Account Online’ icon on the website and then click the ‘Login’ button to register www.londonpluscu.co.uk/. You can also call London Plus on 020 7471 2620.

How can I withdraw my money from my savings account?

You can set a regular or ad-hoc withdrawal in place to transfer money to your bank account or you can have monies loaded onto a prepaid card. You can complete this over the phone using a member security code or make the request through a secure online system.

What is the difference between a Visa Prepaid card and my bank card?

A Visa Prepaid card is similar to an Oyster card; you can only spend the money you have on it. It allows you to get free cash back in shops and to shop online. It's also a useful tool to help you manage the money you have. Your bank card has the same functionality but it’s directly linked to your bank account.

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