Leeds city credit union (LCCU) is the work-based credit union in UK. It was originated for the employees of Leeds City Council. It provides affordable and straightforward services to the growing number of people in the organization.
Each and every member of the Leeds city credit union makes payments into the saving accounts and the common fund is created. This fund is then used to provide preferential rate loans to the members. The income that is generated by lending loans in return helps the union to meet the operating expenses, pay the savers competitive dividends and build the reserves.
The Leeds City Credit Union has now a number of branches spread across in the city providing a range of services to its members. The LCCU is one of the biggest and most successful credit unions in the United Kingdom.
The members of the union are encouraged to make savings for their future in the union. The members can access a number of financial services from the union that include insurance, affordable credit money management services along with a healthy return from the savings.
The LCCU offers a range of loans to its members. The loan interest is charged at 1% per month on the reducing balance. After paying off his or her loan, the member can continue with his or her saving. The loans offered by the union include life insurance of the members while no extra cost is charged for that. The members of LCCU are open to take optional Payment Protection Insurance at significantly lower rates. The loans offer two types of covers – Accident, Sickness & Unemployment (ASU) and Accident & Sickness (AS). There are no penalties charged for early repayment of a loan offered by LCCU.
The members of Leeds City Credit Union need to save in a regular basis. The union offers a number of saving accounts for the saving purpose. In order to retain the membership with Leeds City Credit Union, the member needs to maintain the minimum balance of �5 in at least one savings account.
Contact details of Leeds City Credit Union:
Leeds City Credit Union Ltd.
2nd Floor, Westminster Building,
31 New York St, Leeds, LS2 7DT
Last Updated on : 27th June 2013