Laboratories Credit Union Limited

Need extra cash after the Holiday spending spree?

Written by Deepthi Satheesan

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Like many of us this holiday season, your generosity probably got the better of you and you might have spent a bit more than you originally planned.

January can be just as stressful as December if you have credit card debt to worry about.  So before you start selling the family jewellery, think about whether you might be able to redraw on your loan advances to help pay those pesky bills.

If you’ve made extra repayments, you can take advantage of the Redraw Facility available through your LCU Loan.

How does a redraw work?

With any LCU Loan you have the option to make extra repayments. Doing this will reduce the amount of interest you pay on your loan as well as reduce the time it takes to pay it off. By making extra repayments you have the option to redraw on them (providing you have over $500 in advance).

You can check how much you have available to redraw on your loan and even access these funds directly from your internet banking. Alternatively, you can visit us or email info@lcu.com.au to request a redraw.

To figure out if this is for you compare the interest rates on your credit card to that on your loan.

Benefits of a redraw?                                                    

And who says you have to use your redraw just for paying off your credit card debt. You can use a redraw for absolutely any purpose. Whether it’s a holiday, renovating the family home, or buying that fancy car you’ve always loved, literally anything that money can buy!

Set your worries to rest with this convenient and easy to use facility. If you have any questions please feel free to give us a call on 02 9859 0585.