LASER Credit Union, 9-10 Old Town Hall, Rotherham S60 1QX.

Tel: 01709 836500.  Open:Mon – Fri 9.30 am – 1.00 pm.  Email:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it  Website: www.lasercu.org.uk

Membership

Membership of LASER is available to anyone who lives or works in Rotherham. Contact the credit union for the nearest location where you can join. To join you will need:

• A completed membership form (download a membership form here)

• Non refundable £2 membership fee

• Minimum £1 savings deposit

• Two forms of identification, one preferably with a photo and the other with proof of address

Download a checklist for new members here.

Benefits and Services

Savings 

You can save as much or as little as you like. You can pay into your account in several ways:

• At local collection points (contact us for details or download a full list of collection points and opening times here)

• By standing order (see below for details)

• If you receive state benefits, by having them paid into your credit union account, or

• Direct from your wages via a payroll savings service can you make this a link to the relevant section? (only if your employer has an arrangement with the credit union).

You can take money out (usually with at least a week’s notice):

• At local collection points (usually by cheque that may be cashed at a local post office or bank)

• By having payments made directly into your bank account

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.

Loans

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.

Insurance 

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

LASER Credit Union, ROBOND and RMBC jointly run a scheme to provide bonds and loans for homeless people to access private rented accommodation.   

Payroll Savings

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: 

• Provides employee benefit

• Shows support, particularly during periods of economic austerity

• Provides useful signposting opportunities to other services (eg debt and money advice)

• Is a potential recruitment and retention tool

• Reduces money-related ill health and related absences

• Is low cost and very simple to set up and administer

Benefits for employees

• Easy to set up

• Easy payments, you decide the amount

• Starts a savings habit (or enhances an existing one)

• Access to low cost loans

• Access to other services (eg insurance, debt and money advice)

• Reduces money-related ill health and anxiety

Practicalities for employers

• Contact LASER for a Payroll Savings Service pack

• Identify a credit union “champion” – someone to act as intermediary between the member, employer and credit union and promote the credit union within the company.  No previous experience of knowledge is necessary – training and support will be provided.

• Discuss and agree how the payroll section will operate the service

• Promote amongst the workforce

Standing Order

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.