Watford 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 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 live or work in the 'WD' postcode area to become a member

Loan Details

APR

12.7% - 26.8%

Representative APR

12.7%

Loan Amount

£50 - £5,000

Repayment Period

Minimum Term 1 month

Loans up to £5,000 - 3 years

Repayment Method

Standing Order

Cash

Cheque

Bank Transfer

Payroll Deduction

Speed To Payout

3-7 days

Arrangement Fee

No Fee

Payment Holidays

None Available

Payout Method

Usually cheque - If you would prefer another method of payment, please raise this with the Credit Committee when applying for the loan

Income Protection Available

No

Areas Covered

Watford

Average Customer Review

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Loanfinder Ranking

147th for APR of 423 loans in the UK (See Lender League Table By APR)

About Watford Credit Union

You must live or work in the 'WD' postcode 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 loan after saving for at least 13 weeks. You can apply for an emergency loan as soon as you become a member for up to £500.

After being a member and saving regularly for 13 weeks you can borrow up to 3 times the value of your savings up to a maximum of £5000.

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, to their main office. All loans are initially assessed by a Loan Officer and the Credit Committee and they may ask you to attend an interview to make their final decision.

A decision on a loan application can usually be made within 3 - 7 working days once all the information they require has been received. 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.

Clarendon Road
Monday: 5:00pm - 6:30pm
Wednesday: 4:00pm-6:00pm

West Watford Community Centre
Friday: 11:30am-1:30pm

St Helens Church Hall
First Sunday of every month: 10:00am-11:00am

Watford Women's Centre (Women Only)
Thursday: 1:00pm-3:00pm

Meriden Residents Association Office
First and third Friday of the month: 10:00am-11:30am