LASER Credit Union, 9-10 Old Town Hall, Rotherham S60 1QX.
Download a checklist for new members here.
Benefits and Services
You can save as much or as little as you like. You can pay into your account in several ways:
You can take money out (usually with at least a week’s notice):
Dividends on savings
You will normally receive a rate of interest (called a dividend) on the money you have saved. This is usually paid annually. Rates may vary according to the type of savings account you have. Contact us for details of the different accounts available.
LASER offers low cost loans to its members. The amount available to you varies and may depend on how much you have saved and how good you are at repaying loans. Contact the credit union for more information about how much you can borrow and the period of repayment.
The interest charged is between 1-2% per month on the reducing balance. This is equivalent to an APR of between 12.68-25.36%. This means that a loan of £100 repaid over 6 months will cost you only between £3.25 and £12.05 in interest.
Comparing interest rates
This example of the cost of borrowing £100 comes from the independent website lenderscompared.
When you borrow from the credit union you normally get free life insurance to cover the value of the loan. This means that the insurance repays the loan if you die before paying it back in full. There may also be a payment of up to twice your savings to your named beneficiary. Conditions apply - please ask for details.
Rent in Advance
A payroll savings service offers employees an easy way to save with LASER. The employer must have agreed an arrangement with the credit union for this facility. A payroll saving form can be downloaded here.
Benefits for employers
If your employer does not already have such a service, here are some arguments to use to persuade them to set one up:
Benefits for employees
Practicalities for employers
Standing orders allow you to make regular payments to your LASER account, with the money leaving your account automatically on the date you set, and this payment is then repeated either weekly or monthly, whichever you choose.
A standing order form is available to download here.
LASER Credit Union Limited is authorised and regulated by the Financial Services Authority.
Registered Number 691C. FSA Firm Reference Number 216632.LASER Credit Union, 9-10 Old Town Hall, Rotherham.S60 1QX01709 836500
|Last Updated on Friday, 22 June 2012 13:10|