How much do you want to borrow?
£100 £1,000Over how many months?
1 months 12 monthsMonthly Repayment
Total Interest paid
Arrangement Fee
Total amount paid
12.68% - 26.8%
12.68%
£100 - £1,000
Minimum Term 1 month
Loans up to £1,000 - 1 year
Standing order
Cash payments at collection points
7-10 working days
No Fee
None Available
Cheque to pay in at Post Office
Cheque to pay in at your bank
No
Gloucester
117th for APR of 423 loans in the UK (See Lender League Table By APR)
You must live or work in the Stroud District Council area 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 Ready Loan without saving regularly with them.
They offer 2 different types of loan:
1) Standard Loan - must have saved for 12 weeks, can apply for twice the savings in your account and the interest is charged at 12.68%.
2) Ready Loan - don't need to have a savings history, can apply up to a maximum of £600 and the interest is charged at 26.8%.
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 a collection point. You can then send it off, along with documents, to their main office. All loans are initially assessed by a Loan Officer and they will ask you to attend an interview to make their final decision.
For first loans you are required to attend an interview and they aim to deliver the loan within 7 days of a successful application. 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.
Nailsworth
Wednesday: 2:30pm-4:00pm
Stroud
Wednesday: 10:30am-12:30pm
Saturday: 9:30am-11:30am
Dursley Lower Kingshill Estate Office
Friday: 2:00pm-3:30pm
Dursley Treetops Children's Centre
Friday: 2:45pm-4:00pm
Stonehouse
Mondays: 11:00am-12:30pm
Ebley Mill
Monday to Friday: 10:00am-4:00pm (paying in only)
Cashes Green
Monday: 3:00pm-4:00pm
