Loans

Loans

There may come a time when you need to borrow money.

Through money accumulated by members saving regularly, we are able to offer affordable loans to all our members.

Remember, only borrow what you need and what you can afford to repay.

Quick Fix LoanIdeal for new or existing members with no prior savings history

Minimum Loan £100
Maximum Loan £999
Minimum Loan Term 3 months
Maximum Loan Term 12 months

Apply

Handy LoanIdeal for new or existing members with no prior savings history

Minimum Loan £1000
Maximum Loan £2499
Minimum Loan Term 12 months
Maximum Loan Term 36 months

Apply

Handy LoanIdeal for new or existing members with no prior savings history

Minimum Loan £2500
Maximum Loan £5000
Minimum Loan Term 36 months
Maximum Loan Term 60 months

Apply

 

Payroll Loan

Available only to employees eligible to repay through their salary.
For details click here.

Minimum Loan £1000
Maximum Loan £2499
Minimum Loan Term 12 months
Maximum Loan Term 36 months

Apply

Payroll Loan

Available only to employees eligible to repay through their salary.
For details click here.

Minimum Loan £2500
Maximum Loan £5000
Minimum Loan Term 36 months
Maximum Loan Term 60 months

Apply

 

Saver Loan

Dependant on the amount of savings a member has. Max loan up to five times savings. For example: A member who has saved £300 could apply for up to £1,500

1/5 of the loan balance would remain in savings at all times.

Minimum Loan £100
Maximum Loan £2499
Minimum Loan Term 12 months
Maximum Loan Term 36 months

Apply

Saver Loan

Dependant on the amount of savings a member has. Max loan up to five times savings. For example: A member who has saved £600 could apply for up to £3,000

1/5 of the loan balance would remain in savings at all times.

Minimum Loan £2500
Maximum Loan £5000
Minimum Loan Term 36 months
Maximum Loan Term 60 months

Apply

Loyalty Loan

Loan is secured against the savings a member has with the Credit Union. For example: A member who has saved £2,000 could borrow up to £2,000.

Savings withdrawals in excess of outstanding loan not permitted.

Minimum Loan £100
Maximum Loan £7500
Minimum Loan Term 12 months
Maximum Loan Term 60 months

Apply

Membership

As mentioned earlier, loans are only available to members of the Credit Union. If you are interested in applying for a loan but are not an existing member of the Credit Union, you will need to complete a Membership Application form, provide us with Proof of Identity and Proof of Address and pay a £2 non-refundable entrance fee and a minimum £1 payment to open your account.

By joining the Credit Union, you will automatically have a Savings Account.

Applying for a Loan

You can download a Loan Application form from our Downloads page. Print the form, complete it and return it to our office with bank statements for the last three months for proof of income purposes. If you are not an existing member of LASA Credit Union, you will also need to complete a Membership Application form.

Decision making process

We use a combination of an internal points scoring system and credit checking facilities with Equifax and Experian to make loan decisions. As we are lending our members monies out, we have a responsibility to make sure we have a stringent loans granting policy in place. Loan decisions are usually made on Tuesdays and Fridays every week.

Methods of payment

Successful applicants can choose how they receive funds.

  • Bank transfer to a nominated bank account
  • Card transfer to a prepaid visa debit card
  • Cashable cheque (cashable at the Co-operative Bank Swansea free of charge)

Methods of loan repayment

Loan repayments can be made in the following ways:

  • Regular Standing Order from a bank account
  • Cash using a Pay Point card at any Post Office or local shop with the Pay Point logo
  • Cash or Cheque at our Walter Road office
  • Directly from your salary (only available with Payroll Deduction loans)

Missing a loan repayment

In the event you cannot make a loan repayment it is of the highest importance to contact us immediately. The earlier any problems can be identified, the better.

Repaying your loan early

There are no charges or fees if you wish to repay your loan earlier than the agreed end date.

Apply OnlineTo apply online you need to be approved for online account access.

Apply in personIt is advised that individuals applying for over £2,500 apply in person.