Cambuslang Credit Union

Good:
They can help you to rebuild your credit if you have had problems in the past

Bad:
Small office with very limited opening so if you work throughout the week it will be hard to join

Verdict:
If you have been saving with them regularly for 8 to 10 weeks you can apply for a great low interest loan - must live or work in Cambuslang

You must live or work in Cambuslang 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 8 to 10 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 pick up from their main office or any of the collection points. Loan officers will review your application and if granted, you will receive a loan agreement form to sign and return.

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