Smart Money Credit Union Reviews, Loan Calculator and Complaints

Be the first to write a review

Is this you?

Acceptance Criteria

You need: proof of ID, proof of address and details of your 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

You must be living in Caerphilly, Blaenau Gwent or Newport to become a member

Loan Details

APR

12.68% - 26.8%

Representative APR

26.8%

Loan Amount

£100 - £5,000

Repayment Period

Minimum Term 1 month

Loans up to £5,000 - 5 years

Repayment Method

At a collection point

Standing Order

Deducted from your benefits payout

PayPoint

Council Cash Offices

Payroll Deduction

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Cheque

Cheque (Payable into Co-Operative or Post Office)

Income Protection Available

No

Areas Covered

Newport
Cardiff

Average Customer Review

Be the first to write a review

Loanfinder Ranking

241st for APR of 423 loans in the UK (See Lender League Table By APR)

About Smart Money Credit Union

You must be living in Caerphilly, Blaenau Gwent or Newport 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 they will contact you to advise you of their decision.

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.

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

For a list of all other opening times, please visit: http://www.smartmoneycreditunion.co.uk/node/8