Gateway Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: your last 6 weeks bank/building society statements, your last 3 wage slips or proof of benefits payments, a recent utility bill and a payment book statement for outstanding cash loans
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
You don't need to have a bank account

You must be living or working within the Boroughs of Torfaen and Monmouthshire to become a member

Loan Details

APR

10.9% - 26.8%

Representative APR

12.7%

Loan Amount

£50 - £7,500

Repayment Period

Minimum Term 1 month

You can have your first loan for a maximum for 12 months

Loans up to £2,000 - 1 year

Loans up to £7,500 - 5 years

Repayment Method

Standing Order

Payroll Deduction

Direct payment of benefits

PayPoint Card (must be requested)

Cash (if loan is under £1,000)

At the head office

At a collection point

Speed To Payout

5-7 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque posted to your address

Cheque to collect from a collection point

Post Office cheque (£500 max.)

Income Protection Available

No

Areas Covered

Newport

Average Customer Review

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Loanfinder Ranking

126th for APR of 423 loans in the UK (See Lender League Table By APR)

About Gateway Credit Union

You must be living or working within the Boroughs of Torfaen and Monmouthshire 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 loan at any point after becoming a member. For first loans members are advised that 12 months is usually the maximum repayment term, after this the maximum loan term is 5 years.

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 download from their website (see example below), pop into their office or one of their collection points. Loan officers will review your application and if granted, you will need to attend an interview.

The process can take up to 5 working days once they have all the information they need. 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.

Main Office
Monday, Tuesday, Wednesday and Fridays 9:00am - 4.30pm
Thursday: 10:30am-4:30pm
Saturday: 10:00am - 12:30pm