Red Kite Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: proof of ID, proof of address and proof of income and expenditure
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

Loan Details

APR

9.9% - 26.8%

Representative APR

12.68%

Loan Amount

£40 - £7,500

Repayment Period

Minimum Term 1 month

First loan up to 1 year

Loans up to £7,500 - 3 years

Repayment Method

Standing Order

Payroll Deduction

Speed To Payout

7-10 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque

Income Protection Available

No

Areas Covered

Llandrindod Wells

Average Customer Review

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Loanfinder Ranking

157th for APR of 423 loans in the UK (See Lender League Table By APR)

About Red Kite Credit Union

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 saving regularly with them for 3 months.

First you will need to become a member of the union. To apply for a loan, you need to contact a union representative by calling them or going to a service point (or you can request a form using the enquiry form on their site). Complete the form and return it to the office/collection point. Loan officers will review your application and if granted, you will need to attend an interview.

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 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.