What you Need to Know

LASER Credit Union Ltd was established in February 2003 to benefit the community of the Borough of Rotherham, by offering smart savings and affordable loans.

LASER stands for Loans and Savings Enterprise Rotherham.

LASER is a not-for-profit social enterprise and is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. LASER is a member of the Financial Services Compensation Scheme and the Financial Ombudsmans Service.

LASER provides smart savings and affordable loans.

To be able to apply for products and services from LASER you need to live OR work in South Yorkshire or North East Derbyshire, or be a member or employee of one of the following organisations:

Community the Union – anywhere in the UK

The British Chambers of Commerce – anywhere in the UK

The Press Association – anywhere in the UK

NCVO – anywhere in the UK

UNISON – in Yorkshire and Humberside

Families living at the same address as a member of a LASER customer are also entitled to apply for LASER services, including children from 0 to 16 years.

Ethical Savings & Loans

Traditionally, credit union members would initially set up a savings account and after a period of time they would be eligible to apply for a loan based on the amount of savings that they had built up. This is still a great way of accessing affordable finance.

However LASER can now offer instant* loans to any applicants, without the need to save first.

Loans are available from £100 to £7,500 over 3 months to 5 years.

Interest rates vary from 0.5% per month (APR 6.35%) to a maximum of 3% per month (APR 42.6%). The interest rate you are offered will be based on your personal circumstances, including your credit history and how much you can afford. LASER is able to offer smart savings accounts to both children and adults. A dividend may be payable from distributable profits generated each year, so is not guaranteed. Members who attend the AGM each year can vote on the level of dividend to be paid.

LASER can offer employers the opportunity to offer employees a payroll savings scheme. This means that their employees would always have some money set aside for a rainy day. If you are an employee or employer wanting to set this scheme up in your workplace, please contact us.

Savings are protected by the Financial Services Compensation Scheme up to a limit of £85,000 per individual.

*We aim to turn around loan applications within 48 hours, although this may be slightly longer during busy times of the year.

Supporting the Community

LASER spends a considerable amount of time helping people improve their financial wellbeing.

We advise customers about the pitfalls of borrowing from high interest lenders, including doorstep lenders, pay day loan companies and loan sharks. LASER assists members to pay off these very expensive loans and improve their financial wellbeing. Typical APR rates for these doorstep lenders and pay day loan companies can vary from 250% to 1,509% or more! Illegal loan sharks are usually even more expensive!

LASER is permitted to charge loan interest up to a maximum of 3% per month (APR 42.6%), but we do offer loans at much lower rates: 0.5% per month (APR6.35%), 1% per month (APR 12.7%), 1.5% per month (APR 19.6%), 2% per month ( APR 26.8%) and 2.5% per month (APR 34.7%). The rate of interest you will be offered depends on your personal circumstances. Please see our loan page for details of our loan offering.

Loan sharks do currently operate illegally within South Yorkshire and North East Derbyshire and owing money to them can affect all aspects of a person’s life, from their health, to their ability to function normally in society, i.e. hold down a job or keep a relationship. LASER is able to offer assistance to pay off these illegal debts, as well as any other high interest debts.