Brent Shrine Co-Operative Credit Union Reviews, Loan Calculator and Complaints

(1 customer review)

Average Customer Rating

Is this you?

Acceptance Criteria

You need: proof of expenditure (last 3 months bank statements) and proof of address (rent book/mortgage statements/utility bill, etc.)
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 in the London Borough of Brent to become a member.

Loan Details

APR

13.4% - 26.8%

Representative APR

26.8%

Loan Amount

£50 - £2,000

Repayment Period

Minimum Term 1 month

Loans up to £2,000 - 3 years

Speed To Payout

7 working days after receiving your application

Arrangement Fee

No Fee

Payment Holidays

None Available

Income Protection Available

No

Areas Covered

London - North West
London

Average Customer Review

(1 customer review)

Loanfinder Ranking

240th for APR of 423 loans in the UK (See Lender League Table By APR)
145th for Customer Satisfaction (See Customer Reviews)

About Brent Shrine Co-Operative Credit Union

You must live or work in the London Borough of Brent 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 regularly with them.

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 their main office or you can download it from their website. You can then send it off, along with your proof of income, to their main office. All loans are initially assessed by the Loan Officer and you may be asked to attend a meeting to discuss your application.

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.

Monday-Friday: 10:00am - 3:00pm