What Notts & Lincs Credit Union does

Notts & Lincs Credit Union is a UK not-for-profit financial cooperative originally founded in 1992 and headquartered in Nottingham, providing affordable personal loans (£50 to £15,000), savings accounts, Cash ISAs, Junior ISAs, budget accounts, and a regulated current account to individuals living or working in the East and West Midlands. Following a 2024 merger, it now operates as part of Clockwise Credit Union Ltd, which is authorised by the FCA and PRA (FRN213498) and is a member of the Financial Services Compensation Scheme. Deposits are protected up to £85,000, and the maximum APR on loans is 42.6%, with a representative example of 21.9% APR on a £3,000 loan over 24 months, positioning the credit union as an ethical alternative to high-cost lenders for members including benefit recipients.

The underlying technology is a standard digital banking platform comprising an online account portal, mobile app, automated phone service, and an interactive Loan Finder tool, with regulated current account and debit card infrastructure delivered through a banking-as-a-service partnership with PayrNet Limited, an FCA-authorised Electronic Money Institution. No proprietary AI or machine learning systems are described; credit decisioning appears to be based on conventional regulated processes. The platform supports three physical branches in Leicester (headquarters), Nottingham, and Rugby, alongside employer payroll partnerships that allow employees of partner organisations to join and access products via salary deduction.

Revenue is generated primarily through interest charged on loans, with member savings funding the loan book and any surplus reinvested rather than distributed to shareholders under the cooperative model. Distribution combines direct-to-consumer online application (available 24/7), physical branches, employer payroll channels, and the PayrNet partnership for regulated products. Marketing emphasises community engagement, financial wellbeing content, and industry awards positioning (Consumer Credit Awards 2026 finalist), with PR-driven Trustpilot and Smart Money People reviews used as bottom-of-funnel conversion assets. The customer base is fragmented across the local community, providing low concentration risk but limited absolute scale relative to mainstream UK lenders.

Name

Notts & Lincs Credit Union

Legal name

Clockwise Credit Union Ltd

Website

https://nottsandlincscu.co.uk

Company type

Private

Founded year

2016

Operating status

Acquired

Headcount range

11–50 employees

Short description

Notts & Lincs Credit Union is a UK not-for-profit financial cooperative (founded 1992, Nottingham) that, following its 2024 merger into Clockwise Credit Union, provides affordable loans, savings accounts, and ISAs to individuals and employees in the East and West Midlands of England.

Ownership category

akta.pro rank

Product category

Community Credit Union / Consumer Lending and Savings

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community credit union
• Affordable personal loans
• Ethical savings accounts
• Payroll deduction lending
• Not-for-profit banking

Headquarters

HQ city

Nottingham

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Loan Interest: Clockwise Credit Union generates revenue primarily through interest charged on loans. The maximum APR is 42.6%, with representative example at 21.9% APR for a £3,000 loan over 24 months.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Notts & Lincs Credit Union is a not-for-profit financial cooperative providing affordable personal loans (£50 to £15,000) and a range of savings and banking accounts to individual members in the East Midlands. Following its merger with Clockwise Credit Union, members gain access to a fuller product suite including personal loans, family loans, employer partner loans, ISAs (Cash, Junior), instant access savings, current accounts, budget accounts, and rent payment accounts. Services are delivered through employer payroll partnerships, three regional branches, and 24/7 digital channels.

Product overview

Clockwise Credit Union (following merger with Notts & Lincs Credit Union) offers a comprehensive suite of financial services through a platform architecture. The core offering consists of loan products (Family Loan, Personal Loan, Personal Plus Loan, Loan Finder, Employer Partner Loan) and savings products (Instant Access Savings, Cash ISA, Junior ISA, Prizesaver, Gold Saver, Employee Savings Scheme). Supporting account services include Current Account, Budget Account, and Rent Payment Account. Digital access is provided through Mobile App and Online Account Access modules, with Automated Phone Service as an additional channel. All services are delivered through payroll partnerships with employers and in-person at branch locations (Leicester, Rugby, Nottingham).

Differentiator

Problem solved

Functional benefit

Products and services

• Family Loan An affordable loan product designed for family-related financial needs with fair repayments, available to all applicants regardless of circumstances.
• Personal Loan A personal loan from £50 to £15,000 with fast online decisions, no hidden fees or penalties, available to all applicants regardless of circumstances or benefit status.
• Personal Plus Loan An enhanced personal loan product with additional features or higher borrowing limits compared to the standard Personal Loan.
• Loan Finder An interactive online tool that helps members identify and apply for the most suitable loan product based on their needs and circumstances.
• Employer Partner Loan A loan product offered through employer partnerships and integrated with payroll systems, enabling convenient repayment collection via salary deduction.
• Instant Access Savings A flexible savings account providing immediate access to funds for everyday savings management.
• Cash ISA An Individual Savings Account offering tax-free interest on member savings up to the annual ISA allowance.
• Junior ISA A tax-efficient savings account for children under 18, designed to help families save for a child's future.
• Prizesaver A savings account with a prize draw component that gives members the chance to win cash prizes.
• Gold Saver A savings account offering enhanced interest rates or benefits for members meeting certain criteria.
• Employee Savings Scheme A payroll-based savings scheme that allows employees to save directly from their salary, facilitating regular savings habits via automated deduction.
• Current Account A day-to-day banking account supporting bill payments, direct debits, standing orders, and receipt of salary or benefit payments, with a linked debit card.
• Budget Account An account designed to help members separate and manage their finances for improved budgeting control.
• Rent Payment Account An account specifically designed for managing and making rent payments, supporting tenants in rental arrangements.

Quantifiable outcome

• Representative loan of £3,000 at 21.9% APR over 24 months = £152.64/month repayment
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• PayrNet LimitedcoreTechnology or IntegrationPayrNet Limited is an FCA-authorised Electronic Money Institution (FRN 900594) that provides Clockwise's regulated products and services including the current account, debit cards (Mastercard and Visa), and electronic money infrastructure. The partnership enables the delivery of FCA-regulated financial products under a BaaS arrangement.
• Employer Payroll PartnerscoreChannel Partner/ Reseller/ DistributorEmployers across the service area partner with Clockwise to offer payroll loans and employee savings schemes. Employees become members and access credit union products through salary deduction, which also serves as loan repayment security.
• Financial Services Compensation Scheme (FSCS)coreOthersStatutory deposit insurance scheme providing protection for eligible deposits up to £85,000, giving members confidence in the safety of their savings.
• All Together Money (formerly ABCUL)minorOthersTrade association membership providing representation, support, and industry networking for credit unions.
• Castlebar Credit Union (Ireland)minorStrategic or Co-development PartnerTwin town/twinning relationship with Castlebar Credit Union in Ireland, fostering cross-border credit union cooperation and community links.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Hampshire Credit Union: Regional UK credit union providing affordable loans, savings, and payroll-membership services within a defined geographic charter. Directly analogous operating model and member segments to Clockwise.
• Leeds Credit Union: Community credit union serving Leeds and surrounding areas with personal loans, savings, and employer payroll schemes. Comparable regional charter, cooperative structure, and lending-focused value proposition.
• Plane Saver Credit Union: Affinity-based UK credit union offering personal loans, savings, and payroll deduction products. Directly comparable business model, governance structure, and product suite, with comparable reliance on FCA authorisation and FSCS protection.
• Manchester Credit Union: Community-focused UK credit union providing personal loans and savings to members in its chartered region. Closely comparable cooperative structure, lending products, and member-acquisition approach to Clockwise.
• Castlebar Credit Union: Irish credit union formally partnered with Clockwise via a twin-town/twinning relationship. Operates the same cooperative credit union model with comparable personal-loan and savings products, making it a directly comparable peer across jurisdictions.
• London Mutual Credit Union: UK community credit union offering affordable personal loans and savings products to a defined membership base. Closely comparable operating model, regulatory standing, and product mix to Clockwise/Notts & Lincs, operating in a different but analogous regional market.
• My Community Bank: UK community banking/credit-union-style entity offering savings, loans, and current accounts with a regional membership focus. Comparable in scale, regulatory position, and product breadth to Clockwise/Notts & Lincs.

Others

• StepChange Debt Charity: UK debt advice and financial wellbeing charity serving borrowers in financial difficulty. Adjacent to the credit union's mission of addressing financial exclusion and avoiding predatory lending, though it operates as a debt-advice service rather than a lender.
• All Together Money (formerly ABCUL): UK trade association representing the credit union sector. Comparable in that it sits within the same cooperative ecosystem, providing representation and industry support to UK credit unions including Clockwise, but does not itself compete as a lender.

Broad incumbents

• Provident Financial: Established UK subprime and near-prime consumer lender. While a for-profit, larger-scale lender rather than a cooperative, it serves overlapping higher-risk borrower segments and competes for the same anti-predatory-lending positioning that credit unions occupy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/NottsLincsCU
• YouTubeyoutube.com/channel/UC79huDG85MuiCw2Pn7T6htQ
• Facebookfacebook.com/NottsLincsCU
• LinkedInlinkedin.com/company/nottingham-credit-union-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Notts & Lincs Credit Union