Products and Services
LSCU offers a range of products and services to members.
Savings
Savings Account
When you join the credit union, you automatically open a Savings Account. You can make deposits into your Savings Account by cash or cheque at the branch office, by Standing Order from a bank account, or via the extensive PayPoint network.
The minimum deposit that we ask for is just £1 per week, or £5 per month depending on how you make your payments.
Easy Access Account
This account provides you with a facility to have benefits paid in to the credit union, which can then be easily withdrawn at our branch office. By completing a simple form you can easily arrange to have your benefits transferred to the credit union, helping you to manage your money under one roof.
Planned Saver Accounts
To help you with day to day budgeting, LSCU offers a range of Planned Saver Accounts, which enable you to save for particular occasions, such as Christmas or Holidays. What’s more, your accounts can be set up so that you only need to tell us once how your regular payments are to be split between the different budgets and we look after the rest! You also have the freedom to amend your budget at any time.
First Saver Accounts
Just for the under 16’s! See our separate section for more information.
Loans
Member Loan
Once you have been saving regularly with the credit union for eight weeks you become eligible for our Member Loan. The maximum you can currently apply for under this loan is £1000 above your savings.
Therefore, if you have £250 saved up, you can apply for a loan of up to £1250, and your repayments can be spread over a maximum of 24 months or 104 weeks.
Introductory Loan
To help our newest members, we now have an Introductory Loan that you can apply for on joining LSCU. This loan is for a maximum of £250, repayable over no longer than 12 months or 52 weeks.
To be eligible, you simply need to arrange to have a Standing Order or Benefit Payment coming in to the credit union, which will be used to make your regular repayments.
Bonus Loan
This allows you to benefit from our lowest interest rate of just 9.9% per month by applying for any loan up to the value of your credit union savings.
There are several advantages to doing this. Firstly, your savings are kept safe and earning you a dividend. Secondly, you continue to benefit from the free life savings and loan protection insurance, for your peace of mind. Thirdly, your savings are still intact when your loan repayments have finished, meaning you dont have to start saving again from scratch!
Debt Advice
LSCU provides access to free debt advice through a number of partnerships with fully-qualified, expert advisors. If you would like to speak to someone about your debts, simply call us and we can arrange for you to receive the right advice quickly and completely confidentially.