Credit union takes on payday lenders

A London credit union aiming to compete with payday loan companies says it has now lent money to more than 6,000 customers.

London Mutual offers its services to people living or working in Westminster, Camden, Southwark or Lambeth, allowing them to borrow up to £1,000. Like all credit unions, it's a non-profit cooperative, offering financial services such as current accounts and savings as well as loans.