Larkhill and District Credit Union Limited

Larkhill and District Credit Union Limited is a member-owned financial co‑operative serving people who live, work, or have another qualifying connection within its defined common bond around Larkhill and the surrounding district. As a UK credit union, it is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with eligible deposits covered by the Financial Services Compensation Scheme up to £85,000 per person, subject to scheme limits. The core offering is straightforward: member “shares” (savings) and unsecured personal loans to members, with dividends on savings declared only if there is a surplus and not guaranteed, and loan pricing constrained by the legal cap for credit unions in Great Britain (maximum 3% per month on the reducing balance, equivalent to 42.6% APR). Loan approvals generally involve affordability assessments and standard credit and identity checks, and some products may require members to save regularly alongside borrowing; early repayment is typically allowed without penalty, but terms vary by product. Access and functionality at smaller community credit unions can be limited compared with high‑street banks—for example, opening hours may be restricted, digital and card services may be basic or unavailable, and there is usually no overdraft or packaged account—but members can ordinarily move money in and out via bank transfer and standing order. Governance follows the one‑member‑one‑vote model, with directors elected by members and annual general meetings to approve accounts and any dividend, and the society files regulatory returns and must meet capital and liquidity requirements. Eligibility depends on the common bond, proof of identity and address is required under anti‑money laundering rules, and some credit unions charge a modest joining or annual membership fee; withdrawal restrictions can apply if a member is in arrears or where a minimum share balance is required. Complaints are handled under FCA rules, with escalation to the Financial Ombudsman Service if unresolved after eight weeks. Applicants should confirm the current field of membership, product terms, service availability, and fees directly with the credit union before joining.