How much do you want to borrow?
£50 £5,000Over how many months?
1 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
8% - 12.67%
12.67%
£50 - £5,000
Minimum Term 1 month
Loans up to £5,000 - 5 years
3 weeks
No Fee
None Available
No
Motherwell
137th for APR of 423 loans in the UK (See Lender League Table By APR)
You must live or work in Motherwell (up to the Motherwell side of the Flemington roundabout) 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 been saving with them for 8 weeks.
Your first loan can be up to 1 and a half times the savings you have in your account. Second and third loans can be up to twice the savings you have in your account. Fourth and following loans can be up to three times the savings you have in your account. If you are applying for over £2,000, you will need to provide proof of income.
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 get from their office or a collection point. You can then send it off to the office or collection point. All loans are reviewed by the Loan Officer and Credit Committee. They will inform you of their decision as soon as possible and you will be asked to attend an interview at their office. You will then sign a Loan Agreement.
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 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, Tuesday & Thursday: 10:00am - 2:00pm
Wednesday: 10:00am - 12:00pm (loan applications only)
Saturday: 10:00am - 12:30pm (loan applications only)
