Bacup Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: proof of benefits/income and a recent bank statement
You don't need to have a good credit history

You need to be 18 years of age or older
It doesn't matter if you are employed, unemployed, on benefits, a carer, a homemaker or on Job Seeker's Allowance, anyone can apply

You don't need to have been a UK resident for any specified length of time
You don't need to have a bank account

Loan Details

APR

13% - 26.2%

Representative APR

13%

Loan Amount

£50 - £5,000

Repayment Period

Minimum Term 1 month

Loans up to £2,000 - 2 years

Repayment Method

Standing Order

Deducted from your benefits

Speed To Payout

7-10 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque

Money place onto an auto card

Income Protection Available

No

Areas Covered

Oldham

Average Customer Review

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Loanfinder Ranking

170th for APR of 423 loans in the UK (See Lender League Table By APR)

About Bacup Credit Union

You must live or work in Oldham to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably cheap and are 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 to apply and you can apply for a loan immediately after joining.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can pick up from one of their offices or collection points. Loan officers will review your application and if granted, you will receive a loan agreement form to sign and return.

The process can take up to two weeks so this is not a good option for you if you need your money quickly. You cannot manage your loan online so every time you need to make a change, you need to contact them in writing. 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 and the "Defaulted Loan Process" is started immediately. If you have not made a payment within 28 days, debt collectors will become involved. Their opening hours are Monday - Friday, 10:00am - 4:00pm, which makes it difficult for you to have an appointment if you work during the week. On the other hand, they want to help you rebuild your finances if you haven't got a good history. Their rates are extremely low and their repayments are really small each month.

Monday, Wednesday & Friday: 10:00am – 4:00pm
Tuesday: 12:00pm – 4:00pm
Thursday: 10:00am – 4:00pm
Saturday: 10:00am – 4:00pm