Blackpool, Fylde & Wyre Credit Union

Good:
You can apply for a loan at any point after becoming a member

Bad:
Only one branch so must be able to get there to become a member

Verdict:
Great financial option if you have bad credit as they don't credit check and don't charge extra fees - must live or work in Blackpool, Fylde or Wyre

You must live or work in Blackpool, Fylde or Wyre 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 regularly with them for 13 weeks.

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 download from their website (see example below), pop into their office or one of their collection points. Loan officers will review your application and if granted, you may need to attend an interview. Once you complete their application form, you will need to return it to them along with 3 recent wage slips/benefit award letters and 3 recent bank statements.

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 will need to contact them in writing or pop 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.

Monday-Friday: 10:00am – 2:00pm