Rugby Borough Credit Union Reviews, Loan Calculator and Complaints

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Acceptance Criteria

You need: 2 months payslips/proof of benefits and 3 months bank statements
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 boundaries of Rugby Borough Council to become a member

Loan Details

APR

12.68% - 26.82%

Representative APR

12.68%

Loan Amount

£50 - £3,000

Repayment Period

Minimum Term 1 month

Loans up to £3,000 - 3 years

Speed To Payout

10 working days

Arrangement Fee

No Fee

Payment Holidays

None Available

Income Protection Available

No

Areas Covered

Coventry

Average Customer Review

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Loanfinder Ranking

92nd for APR of 423 loans in the UK (See Lender League Table By APR)

About Rugby Borough Credit Union

You must live or work within the boundaries of Rugby Borough Council 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 but you can apply for a loan after you have been saving for 3 months.

You 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 a collection point, or you can download it from their website. You can then send it off, along with your proof of income, to their main Rugby office. All loans are initially assessed by the Loan Officer and they will contact to inform you of their decision. You will receive your money by cheque or electronic bank transfer.

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 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
Tuesday-Thursday: 10:00am - 3:00pm

Overslade Community Centre
Ring 01788 577 900 for details