Bacup Credit Union

Good:
Bad credit history accepted and you can apply immediately after becoming a member

Bad:
Cannot manage your loan online, you have to visit the office every time you need to carry out a transaction

Verdict:
Great service as there are no credit checks or fees but you must live or work in Oldham to become a member

You must live or work in Oldham to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably 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 apply for a loan immediately after joining.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can pick up from one of their offices or collection points. Loan officers will review your application and if granted, you will receive a loan agreement form to sign and return.

The process can 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 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.

Monday, Wednesday & Friday: 10:00am – 4:00pm
Tuesday: 12:00pm – 4:00pm
Thursday: 10:00am – 4:00pm
Saturday: 10:00am – 4:00pm