Can payday loan alternatives be affordable and viable?

Author: Gareth Evans and Mick McAteer

Date: 21/11/2013

An evaluation of London Mutual Credit Union’s pilot scheme


London Mutual Credit Union (LMCU) had become increasingly alarmed by the escalating and often detrimental use of costly payday loans by already overindebted households. Moreover, it was witnessing first hand a growing number of its own membership using this form of short-term credit despite already having access to affordable credit lines.