Coastal Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: originals of 3 months wage slips or benefit letters, originals of last 3 months bank statements, mortgage/tenancy statement, up to date utility bills, self-employment accounts (if applicable)
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, work or volunteer in Bournemouth, Poole, Christchurch, New Milton, Wimborne, Wareham, Ringwood or the surrounding areas to become a membe

Loan Details

APR

9.6% - 26.8%

Representative APR

12.68%

Loan Amount

£50 - £7,500

Repayment Period

Minimum Term 1 month

Loans up to £7,500 - 3 years

Repayment Method

Benefits/wages to credit union

Payroll deduction

Standing order

Cash

Paypoint

Arrangement Fee

No Fee

Payment Holidays

None Available

Income Protection Available

No

Areas Covered

Bournemouth

Average Customer Review

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Loanfinder Ranking

102nd for APR of 423 loans in the UK (See Lender League Table By APR)

About Coastal Credit Union

You must live, work or volunteer in Bournemouth, Poole, Christchurch, New Milton, Wimborne, Wareham, Ringwood or the surrounding areas to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are fairly 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 loan after you start saving with them.

First you will need to become a member of the union. To apply for a loan, you must complete the application form that you can download from their website (see example below) and send it to their office along with evidence of your income and outgoings (see list below). A Loans Officer will review your application and they will let you know their decision within a couple of days.

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.

Bournemouth
Monday-Friday: 10:00am-2:00pm
Saturdays 10:00am - 12:30pm

Kinson
Monday, Wednesday & Friday: 12:00pm-2:00pm

Swanage
Tuesday: 10:30am-12:30pm

Poole
Tuesady: 11:00am-1:00pm

Christchurch
Monday: 11:00am-12:00pm

Wimborne
2nd Wednesday every month: 2:00pm-3:30pm