How much do you want to borrow?
£100 £15,000Over how many months?
1 months 36 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
19.6%
£100 - £15,000
Minimum Term 1 month
First loan up to £1,000 - 1 year
Second and subsequent loans up to £15,000 - 3 years
48 hours
No Fee
None Available
Cheque
Bank transfer
No
Luton
Dorchester
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197th for APR of 423 loans in the UK (See Lender League Table By APR)
You must be an employee of The Royal mail, Post Office Counters, Cashco, Romec or Quadrant and you must be working in the UK (not N.I.) to become a member.
Credit Unions offer a few different unsecured loans for any purpose. Their loans are not the cheapest compared to other credit unions. They lend based on your proven ability to repay, this is why they do a thorough check of your income and expenditures. You need to be a member and you can apply for a loan up to four times your savings (max. £1,000) after 12 weeks of being a member and saving regularly with them. Your second and subsequent loans can be up to four times your savings also (max. £15,000). You must pay your first loan back within 1 year but your other loans must be repaid in 3 years.
First you will need to become a member of the union. To apply for a loan, you need to complete an application form, in writing. You can then hand this into one of their offices or collection points - must submit the application at least 21 days before you need the loan. Your application will be assessed and reviewed by the Credit Committee for approval to ensure you can afford the loan. If the loan is granted, you may need to attend an interview.
The process may in some cases take up to a few days so this is not a good option for you if you need your money quickly. You can manage your loan online so if you need to make changes, you are able to manage your savings and loan online. With credit unions, the money you are borrowing is the money of other members, so if you fail to make payments, they take this very seriously. They want to help you rebuild your finances if you haven't got a good history. Their interest rate is quite high compared to other credit unions and their repayments can be really small each month, depending on how your loan is tailored.
