Crownsavers Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You must be an employee of Lewisham Council, Lewisham University Hospital or Lewisham College to become a member
You need: proof of ID and proof of address

You don't need to have a good credit history
You need to be 18 years of age or older to apply

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

Loan Details

APR

10.9% - 26.8%

Representative APR

12.7%

Loan Amount

£100 - £15,000

Repayment Period

Minimum Term 1 month

Maximum term for first loan up to £1,000 - 1 year

Maximum term for all other loans - 5 years

Speed To Payout

5 - 7 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque which you can cash

Cheque sent through the post

Bank transfer

Income Protection Available

No

Areas Covered

London - South East
London

Average Customer Review

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Loanfinder Ranking

123rd for APR of 423 loans in the UK (See Lender League Table By APR)

About Crownsavers Credit Union

You must be an employee of Lewisham Council, Lewisham University Hospital or Lewisham College 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 and you can apply for a loan at any point after becoming a member.

First you will need to become a member of the union. To apply for a loan, you need to complete an application form, which you can get from their office or a collection point. Once you have completed it, take this to their office along with proof of ID, proof of address and proof of income (wage slips, benefit letters, etc.). The Credit Committee or a Loan Officer will review your application and inform you of their decision within 5 working days. Once the loan is granted, you need to sign the loan agreement form and you will get your money.

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 can manage your loan online so if you need to make changes, you don't need to visit an office. 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.