6 Towns Credit Union

Good:
You can view and manage your account online from their website

Bad:
You must have saved a minimum of one month's loan repayment before you can apply for a loan

Verdict:
Great service with low interest rates but are only open in the week so not accessible to apply on the weekend. You must live in the Sandwell area.

This credit union is only available to people who live or work in the Sandwell area.

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 to apply and you can only apply for a loan after your first amount of savings has been paid into your account. You must have saved enough money to repay your first month's loan repayment. Their loans are covered by FREE life insurance.

First you will need to become a member of the union. Then you can book your loan appointment by calling 01202 553 3110. Make sure you take your proof of income and your completed application form (see below) to your appointment at their West Bromwich Office - details of location below. The receptionist will verify that the form and documentation is complete to start the process. Your application will be reviewed by a Loan Officer and they will inform you of their decision.

Their aim is to complete the loan process with in 10 working days - this is subject to our member providing all evidence of income and expenditure. You cannot manage your loan online so every time you need to make a change, you need to contact them in writing. 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 and the "Defaulted Loan Process" is started immediately. If you have not made a payment within 28 days, debt collectors will become involved. Their opening hours are Monday - Friday, 10:00am - 4:00pm, which makes it difficult for you to have an appointment if you work during the week. 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.