How much do you want to borrow?
£50 £5,000Over how many months?
1 months 60 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
12.68% - 26.8%
12.68%
£50 - £5,000
Minimum Term 1 month
Loans up to £5,000 - 5 years
Cash
Standing order
Cheque
Payroll Deduction
No Fee
None Available
Cheque
No
St Albans
144th for APR of 423 loans in the UK (See Lender League Table By APR)
You must live or work in the local government district of St. Albans 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 and 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, a collection point or you can download it from their website. You can then send it off, along with documents (speak to an advisor to find out what to send), 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.
Main Office
Monday, Tuesday, Thursday & Saturday: 10:00am - 1:00pm
Harpenden
Saturday: 10:00am-12:00pm
London Colney
Monday: 2:15pm-2:45pm
