No, you are free to apply for a loan at the same time as becoming a member.
Unlike some credit unions, at London Mutual there is no requirement for you to have been a member for a certain period of time, or to have saved a certain amount before applying. With us, as long as you meet the basic eligibility requirements, you can apply online at the same time as you join, or any time after your membership has been set up.
Minimum Membership Deposit
Under the credit union's rules, you need to keep a minimum of £5 in savings in your Membership Account at all times to remain a member. When you join and apply for a loan, this is taken care of on your behalf, and included as part of your loan repayments.