Kent Savers Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: proof of income (two recent payslips), benefit letters from the DWP or benefit authority from the last 3 month, bank statement /Post Office statement from the last 2 months
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 within the historical county of Kent (i.e. the area currently administered by Kent County Council)

Loan Details

APR

11.9% - 26.8%

Representative APR

26.8%

Loan Amount

£50 - £10,000

Repayment Period

Minimum Term 1 month

Loans up to £500 - 1 year

Loans up to £10,000 - 3 years

Repayment Method

Direct Debit

Internet Banking transfer

Cheque

Pay Point (at Post Office or newsagents)

Payroll deduction (for Kent County Council Employees only)

Speed To Payout

5 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque

Transferred into your bank account

Income Protection Available

No

Areas Covered

London
Royal Tunbridge Wells
Bromley
London - East
Canterbury
Medway
Dartford

Average Customer Review

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Loanfinder Ranking

235th for APR of 423 loans in the UK (See Lender League Table By APR)

About Kent Savers Credit Union

You must live or work within the historical county of Kent (i.e. the area currently administered by Kent County Council) - see map below - 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 after you have started saving with them.

You must earn a minimum of £125 to be able to apply. If your income is below £300 per week then the maximum you can apply for is £750. To apply for over £2,000, your income must be more than £16,000 per year. To apply for a loan up to £5,000, your income must be more than £20,000.

First you will need to become a member of the union. To apply for a loan, you need to complete the Loan Application Form (see example below), which you can pick up from an office/collection point or by downloading and completing the application form on their website. All loans are reviewed by the Loan Officer then by the Credit Committee meeting. They will inform you of their decision as soon as possible and you will be asked to sign a Loan Agreement.

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 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.

0333 321 9050 Monday-Friday: 9:00am-5:00pm

0300 456 9990 Monday-Friday: 8:00am-8:00pm
Saturday: 9:00am-5:00pm