Stockport 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 & 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 live or work within Stockport to become a member

Loan Details

Representative APR

12.68%

Loan Amount

£100 - £5,000

Arrangement Fee

No Fee

Payment Holidays

None Available

Income Protection Available

No

Areas Covered

Stockport

Average Customer Review

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Loanfinder Ranking

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

About Stockport Credit Union

You must live or work within Stockport 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 for 10 weeks.

After 10 weeks, you can apply for a first loan up twice the amount you have saved. For your second and subsequent loans you can borrow a maximum of three times your savings.

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, to their main office. All loans are initially assessed by the Credit Committee 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.

Brinnington
Tuesday, Wednesday & Thursday 10:00am - 11:30am
Then Thursday: 5:15pm - 6:30pm

For other collection point and opening times please visit: http://home.btconnect.com/stockportcu/collectpoints.html