First Dorset Credit Union Reviews, Loan Calculator and Complaints

(2 customer reviews)

Average Customer Rating

Is this you?

Acceptance Criteria

You need: evidence of income and expenditures, proof of benefits or wage slips, copies or recent bank statements and details or any outstanding loans
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 be living or working in rural Dorset (between Lyme Regis to the Blackmore Vale) to become a member

Loan Details

APR

12.7% - 26.8%

Representative APR

12.7%

Loan Amount

£50 - £7,500

Repayment Period

Minimum Term 1 month

Loans up to £2,000 - 2 years

Loans up to £7,500 - 5 years

Repayment Method

Standing Order

Payroll Deduction

At a collection point

Benefits Deduction

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque

Income Protection Available

No

Areas Covered

Salisbury
Dorchester

Average Customer Review

(2 customer reviews)

Loanfinder Ranking

86th for APR of 423 loans in the UK (See Lender League Table By APR)
15th for Customer Satisfaction (See Customer Reviews)

About First Dorset Credit Union

You must be living or working in Dorset (between Lyme Regis to the Blackmore Vale) 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 and you can apply for a "Non Saver Loan" immediately after joining, without saving first. For the first loan the repayment term can be a maximum of 2 years.

First you will need to become a member of the union. To apply for a loan, you need to complete an application form (see example below) from the collection point or office, or you can download it from their website. Loan officers will review your application and they will contact you to discuss.

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 will 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.

Head Office
Monday, Tuesday, Wednesday, Thursday & Friday: 10:00am-12:00pm
Saturday: 9:30am-12:30pm
Thursday Late Opening: 5:00pm-7:00pm

For details of other branches and opening times, use the following link: http://www.firstdorsetcreditunion.co.uk/6.html