Your Questions Answered
A Credit Union is a not-for-profit social enterprise, set up to benefit the community that we work in. We are authorised by the Prudential Regulation Authorty and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. In reality, we are very similar to the old style mutual building societies. We offer many of the services that banks offer, such as savings, budget accounts, debit cards and loans.
Why should I join LASER Credit Union?
LASER Credit Union is an honest, safe, ethical alternative to the big banks, offering a friendly convenient service to customers. As we don’t have big bonuses to pay to top bosses, or dividends to pay to shareholders, we are able to offer great rates of return on savings held with us.
An added bonus, not provided by the banks, is that LASER offers a free death benefit scheme, on members’ loans. This will repay your loan in full, in most cases, on your death. (Cover provided between ages 18 and 80)
Is my money safe?
As an individual, your savings are protected under the Financial Services Compensation Scheme up to a maximum of £85,000 per person. Individuals are entitled to save up to a maximum of £15,000 with LASER, so all your savings are safe.
Joining LASER Credit Union
How do I join?
You will need to complete a membership application form either online or in our office. To comply with FCA rules, we need to confirm your name, address and date of birth. We can do this by doing an online Identity check, if you apply through our website, or you can bring in relevant documents if you are applying in person. If you are applying for a loan, you will need to provide proof of your income. There is a small membership fee of £5 to pay to join LASER Credit Union. You will need to start saving with at least £1.
Being a Member
How do I apply for a loan?
Once you have joined LASER, you will only need to complete a loan application form and provide proof of your income, to apply for a loan. This will give LASER permission to perform a credit search, to assist in assessing your affordability for the loan.
How much will it cost?
Interest rates on loans can be as low as 1% per month, (APR 12.7%) and cannot be higher than 3% per month (APR 42.6%), as this is the maximum set by the Financial Conduct Authority. This means that a loan of £500 borrowed over 52 weeks, would cost between £31.16 and £97.02 in interest.
What other services does LASER provide?
Credit Unions provide similar services to the big banks. LASER also provides furniture schemes, to access white goods and other furniture at reasonable prices. LASER also offers money manager accounts and rent direct accounts, to help people manage their money and pay their bills. We also provide a prepaid visa debit card to customers, to give them easy access to funds held at LASER.
A local Credit Union
How do I find LASER Credit Union?
LASER Credit Union is based in Rotherham, South Yorkshire. Our services can be accessed locally at our office, 2 Effingham Square, Rotherham S65 1AP. LASER’s full range of services can also be accessed online.