The Crisis Loan Service

Crisis loans are provided in partnership with RMBC, by LASER Credit Union (LCU)

Applications should be made directly to LASER Credit Union and can be done in the following ways:

New to LCU and not already a member, click on Join and Borrow at the top of the home page of the website. Already a member click on Loan on the website or log into the mobile app and choose Loan application and then Crisis loan in the type of loan menu.

•            You can also apply by mobile app secure message

•            email at enquiries@lasercu.org.uk

•            or telephone on 01709 836500

Applicants for a Crisis Loan should not visit the LASER premises unless an appointment has been made

The minimum amount of a crisis loan is £40, and the maximum amount is £120 although exceptions can be made to a maximum of £250 for purchase of essential furniture or electrical goods, where payment can be arranged / made from LCU, direct to the supplier

Crisis Loans are interest free

There are no administration fees

No credit reference searches are performed in assessment of crisis loans

There are a number of reasons for an individual being in crisis and what is needed to resolve the crisis. LCU therefore, has a flexible approach in its assessment of an individual’s crisis and the financial support needed to resolve it. Crisis loans can be provided to purchase food, essential household goods (e.g. bed, mattress) and electrical goods (e.g. cooker, fridge-freezer, washing machine). Crisis loans can also be provided to pay urgent bills including the payment of / top up of essential utilities such as gas, electric and water.

The list is not exhaustive or restrictive as an individual is assessed based on the crisis and how to resolve it.

In the same way the reason for applying for a crisis loan is not restricted unnecessarily and can include death in close family; loss of money; broken electrical goods; eviction prevention (proof required); gas / electricity threat of cut off (proof required).

Eligibility

Eligibility for the crisis loan Service (it should be noted that some eligibility criteria including being assessed as being able to repay are Regulatory requirements even for a crisis loan):

• Each applicant for a crisis loan should be a resident of Rotherham aged 18 and over;
• Each applicant for a crisis loan should have a proven minimum income of £71 per week. LCU will ensure, however, that the minimum of £71 per week income does not have a detrimental effect on an individual’s opportunity to apply for a crisis loan especially where it has been determined that they can make the repayments. This could relate to where an individual has had their benefits sanctioned at the point of application but would be able to make the repayments at a later date;
• A crisis loan can only be provided if an affordable repayment plan is agreed with the individual, with a minimum repayment amount agreed;
• Crisis loan repayments are deducted from a member’s benefit which is paid into the member credit union account;
• The number of loans that can be offered to an individual is at the discretion of LCU, the crisis being assessed, and on the individual’s repayment history. Members cannot access a second loan until the first loan has been fully repaid; and
• To process an agreed crisis loan the applicant must be a member of or become a member of LCU and have or open a membership account. The applicant, therefore, must be able to prove their identity and provide confirmation of their address and other such documentation such as proof of income.