Cardiff and Vale Credit Union
Good:
Have a members area on their website so you can control your savings and loan online
Bad:
You must live or work in Cardiff of the Vale of Glamorgan to become a member
Verdict:
Local financial service that offer low interest, minimal repayment loans even for people with bad credit
You must live or work in Cardiff of the Vale of Glamorgan 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 apply as soon as you start saving with Cardiff!
First you will need to become a member of the union. In order to apply for a loan, you can download a form off their website (see example below). Complete this and send it to their office along with the documentation listed below. You loan will be assessed by the Loan Officers or the Credit Committee. They will confirm your application and it will be passed to a loans officer for assessment. They will then call you and tell you their decision.
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 can manage your loan online so you are able to monitor your loan. 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: 10:30am-2:30pm
Loan Calculator (Representative 21.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £15,000 - 5 years
Cheque (payable to you or a 3rd party)
Open cash cheque (payable to you)
Cheque up to £500 (which you can cash at a Post Office)
- Applying for less than £2,000, you need: one recent payslip, benefit/pension statement, 1 full month's recent bank statement, 1 recent utility bill and your partner's payslip/benefit/pension statement (if applicable)
- Applying for £2,000 or over, you need: one recent payslip, benefit/pension statement, 3 full month's most recent bank statements, 1 recent utility bill, your partner's payslip/benefit/pension statement (if applicable)
- You don't need to have good credit
- 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 must live or work in Cardiff of the Vale of Glamorgan to become a member
