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Credit Union

What is a Credit Union?
A Credit Union is a financial co-operative, owned and run by its members and can help you save towards your annual tax bill, cab overhaul or even a holiday.

Who can join?
All the drivers and staff of Radio Taxis Group Limited and its subsidiary companies such as Matrix, Xeta and Executive First are eligible to join. Members’ partners and their children are also eligible to join. Children must be 18 years of age and over and living at the same address as their parents.

There are many advantages of belonging to a Credit Union

Savings
You can save regularly by having an amount deducted from your account work income or salary on a monthly basis. The amount you decide to save can be changed at any time,

Loans
Loans are available to members after a qualifying period of three months. The maximum amount you may borrow is based on a multiple of the amount you have saved. The interest rate is 1% a month on the reducing balance. 12.68% APR.

Example loan repayments

• A loan of £1,000 over 1 year will cost you £88.85 a month plus savings The total amount of interest payable on this loan will come to £66.20
• A loan of £5,000 over 1 year will cost you £444.25 a month plus savings The total amount of interest payable on this loan will come to £330.96
• A loan of £1,000 over 3 years will cost you £33.21 a month plus savings The total amount of interest payable on this loan will come to £195.80
• A loan of £5,000 over 3 years will cost you £166.08 a month plus savings The total amount of interest payable on this loan will come to £978.70

Free insurance
Your savings and loans are protected with free life insurance. In the event of your death, any outstanding loans are automatically paid off. In addition, your named beneficiary will receive up to double the amount of your total savings.

Contact
For further information contact Alan Woolf on 020 7561 5148. The Credit Union is open on Wednesdays and Thursdays but you can leave a message at any time.

Click here to download our Application Form.

Radio Taxicabs (London) Credit Union Limited is authorised and regulated by the Financial Services Authority. Registered under the Credit union Act 1979 No 90c