Burnley Area Community Credit Union
Good:
Can apply even if you have bad credit because their decision is based on proof of ability to repay
Bad:
You must have been saving with them 3 months before you can apply for a loan
Verdict:
Great option to help rebuild your credit if you live or work in the Borough of Burnley
You must live or work in the Borough of Burnley 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 £10,000. Your loan is covered by FREE life insurance.
BACCU offers many different types of loans: Personal Loans, Green Loans, Home Improvement Loans, Flexi Credit Loans, Credit Builder Loans and Enterprise Loans.
Firstly, you will need to become a member of this union. If it is your first loan with them, you will need to attend an interview. If you are a suitable candidate, you can complete a loan application form (see example below). It will be reviewed by a Loan Officer or senior manager. They will then let you know their decision and you will be asked to complete a loan agreement committing you to regular repayments.
The process may in some cases take up to a 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.
Main Office Opening Hours:
Monday, Tuesday, Thursday, Friday: 10:30am - 2:00pm
Wednesday & Sunday: CLOSED
Saturday: 10:30am - 11:30am
Loan Calculator (Representative 26.82%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £10,000 - up to 5 years
Cheque
BACS payment into your bank account
Debited to a debit card
- You need: 3 copies of your payslips (or proof of benefits)
- You don't need to have good credit history
- 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 need to be 18 years of age or older
- You must live or work in the Borough of Burnley to become a member
