City of Plymouth Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: 3 months payslips, 3 months bank statements, proof of photo ID, rent/mortgage statements, benefit entitlement letters, credit card statements, proof of address, other loan statements
You don't need to have a good credit history
You need to be 18 years of age

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

You must live or work in the City of Plymouth to become a member

Loan Details

APR

12.7% - 26.8%

Representative APR

12.7%

Loan Amount

£50 - £5,000

Repayment Period

Minimum Term 1 month

Loans up to £5,000 - 5 years

Repayment Method

Standing Order

Giro

Payroll Deduction

Collection Point

At the office

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque payable to yourself or a third party

Income Protection Available

No

Areas Covered

Plymouth

Average Customer Review

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Loanfinder Ranking

81st for APR of 423 loans in the UK (See Lender League Table By APR)

About City of Plymouth Credit Union

You must live or work in the City of Plymouth 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 but you can apply for a Wise Finance loan without having saved with them. Maximum available is £500. Once you have been saving with them for 13 weeks, you can apply for a Low Interest loan.

First you will need to become a member of the union. In order to apply for a loan, you need to download the application form from the website (see example below). Once you've finished it, send it off to their head office. A Loans Officer will review your application and they will let you know their decision as soon as possible.

The process may in some cases 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 if you need to make changes, you need to contact them in writing or pop into a branch. 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. Their opening hours are very limited, which makes it difficult for you to go in to organise all your documents and sign your agreement. 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, Tuesday, Thursday, Friday: 10:00am - 4:00pm