Brecon & District Credit Union

Good:
No credit checks so they can help you rebuild your credit if you have had problems in the past

Bad:
You must have been saving with them for 3 months to become a member

Verdict:
No fees and really low payments available - must live or work in the Brecon area

You must live or work in the Brecon 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 to apply and you can only apply for a loan after you have been saving for 3 months. You can borrow anything up to 3 times your savings.

First you will need to become a member of the union. You can apply by completing the "Application for a loan form" (see below). Your application will be reviewed by the Credit Committee meeting which happens once weekly. They will then let you know their decision and you will be asked to complete a loan agreement committing you to regular repayments. Your loan will be paid out in 7 days.

The process may in some cases take up to one week 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. 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 & Saturday: 10:00am - 12:00pm
Tuesday: 10:00am-1:30pm