Loans are the primary function of the Credit Union, however in keeping with our effort to make this your  ‘one stop’ financial institution we also offer the following services:

Loans

Loans are made to members in good standing primarily for productive and provident purposes. LECCU offers different types of loans to its members with attractive and flexible terms. These include:

Loans Within shares

Loans in this category are granted to members within and up to the amount they have saved. You qualify for a loan within shares immediately after joining the credit union. The current interest rate for loans within shares is 1% per month on the reducing balance.

Loans Above Shares

Loans are granted to members above the amount they have saved. Members qualify to borrow up to six times (four times for car loans) the amount they have saved after three months of becoming a member. The current interest rates for these loans stand between 1.6667-1.8333% per month on the reducing loans. (Additional collateral required for these loans).

Special Short Term Loans

Throughout the year LECCU offers Loan Specials that require no collateral and a minimum share capital of only $5,000.00. These loans are offered at a particular time of the year with special repayment terms and an interest rate of 3-3.333% per month. These Specials include:

Easter Bunny:

During the month of March, maximum loan $10,000.00 with 3 months to repay

Travel Bout:

A special loan designed for persons going on vacation available during the month of July, maximum loan $40,000.00 with a six month repayment  period, discounts also available at specially selected hotels.

Education Loan:

Available during the month of August, maximum loan $20,000.00 with a 6 month repayment period.

PayDay Loans:

Operate like a salary advance and is available throughout the year

X-mas Spree:

Available during the month of December to assist with Christmas shopping – maximum $12,000.00 – repayment period 5 months.

Fixed Deposit Accounts

Specifically designed for the member who wishes to make lump sum deposits. LECCU offers competitive rates of interest on funds held from a minimum of thirty days up to 1 year. Members have the option of rolling over funds at maturity. Interest payments are subject to the Government’s 25% withholding tax.

Regular Saving Deposit Account 

For members who wish to enjoy the benefit of saving with the option of doing a withdrawal at anytime while receiving interest on their savings

Christmas Savings

 A fixed sum is saved in this account each month. No withdrawals allowed until December. Interest is paid at the end of the period so if withdrawals are done before maturity members will only receive the amount saved.

Shares Account

This is a compulsory account that each person acquires as soon as you become a member. Members interested in securing loans save regularly through this account. A yearly dividend is also paid on shares.

Standing Order Payments 

Monthly bills can be paid on behalf of members through a standing order arrangement. Members are required to deposit funds to cover these expenses in a special account. Each standing order payment currently attracts a low monthly fee of $50.

Golden Harvest Programme 

A group decreasing term life insurance and savings plan designed to assist members achieve a particular goal. E.g. the purchasing of a home, a motorcar, saving towards your child’s university fees etc. Members agree to save a fixed sum over a specified period, with a guaranteed return on savings. At the end of the period members will ‘harvest’ the savings plus the interest. 

In addition to the guaranteed rate of interest, the Golden Harvest plan carries a special life insurance feature. If a member should die before he/she completes the plan their beneficiaries will receive the difference between the saving goal and the saving balance at the time of death.

Family Indemnity Plan (FIP)

The Family Indemnity Plan covers after life expenses for any member and up to five other persons of their immediate family. Up to six members of the following may be covered:

1. Member

2. Spouse

3. Members parents/In-laws/One of each (up to age 76)

4. Children (age 1-23)

 When there is a death in the family the FIP provides financial assistance at a time when it is most needed. The FIP pays a cash benefit and claims are paid within two days after submitting proof of death.  

Four coverage options are available. Premium costs vary according to the plan selected. Benefits re paid as follows: 

 

Life Savings and Loan Protection Insurance (LP & LS) 

The LP and LS insurance is available at no extra cost to the member to a maximum of $600,000.00 on loans and $150,000.00 on savings.