Greenwich Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: current employment contract/most recent payslip, bank statement, benefit letters for time you have been receiving benefits, students need to include letter from your college and separate evidence of income, if no direct source of income you
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 Greenwich borough of the Thamesmead area of Bexley to become a member

Loan Details

APR

12.7% - 26.8%

Representative APR

12.7%

Loan Amount

£50 - £15,000

Repayment Period

Minimum Term 1 month

Loans up to £5,000 - 3 years

Loans up to £15,000 - 3 years

Repayment Method

Payroll deduction

Standing Order

Cash

Speed To Payout

Up to 2 weeks

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Transferred into your bank account

Cheque payable to you

Cheque payable to a third party

Income Protection Available

No

Areas Covered

Dartford
London - South East
London
Bromley

Average Customer Review

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Loanfinder Ranking

127th for APR of 423 loans in the UK (See Lender League Table By APR)

About Greenwich Credit Union

You must live or work in the Greenwich borough of the Thamesmead area of Bexley 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 only apply after having saved with them for 3 months.

Your first loan can be up to 3 times your savings plus £500 (£5000 maximum for 3 years).

Your second and subsequent loans can be up to 4 times your savings plus £500 (£15,000 maximum for 3 years)

First you will need to become a member of the union. To apply for a loan, you need to complete the Loan Application Form, which you can download from their website (see example below) and send it into their office. All loans are reviewed by the Credit Committee. They will inform you of their decision as soon as possible and you will be asked to sign a Loan Agreement. You can receive your money by BACS, cheque payable to you or a cheque payable to a third party.

The process may in some cases take up to three 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 or go 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-Friday: 10:00am - 3:00pm