Prince Bishops Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: proof of income
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 work work within the boundary of County Durham to become a member

Loan Details

Representative APR

12.68%

Loan Amount

£100 - £700

Repayment Period

Minimum term 26 weeks

Loans up to £700 - 1 year

Repayment Method

Standing order

Speed To Payout

7 days

Arrangement Fee

No Fee

Payment Holidays

None Available

Income Protection Available

No

Areas Covered

Teesside
Newcastle upon Tyne
Darlington
Durham

Average Customer Review

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Loanfinder Ranking

136th for APR of 423 loans in the UK (See Lender League Table By APR)

About Prince Bishops Credit Union

You must live work work within the boundary of County Durham 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 can apply for a loan once you have become a member and been saving for 12 weeks.

You don't need to become a member of the union first. 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, along with your proof of income, to the office or collection point. All loans are initially assessed by the Loan Officer and they will contact to inform you of their decision.

The process normally takes about 7 working days once they have all the information they need. 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.

Main Office
Monday-Friday: 10:00am-4:00pm

For further details on collection points and opening times, please visit the following link: http://www.princebishopscommunitybank.org.uk/Local-Collection-Points