Nottingham Credit Union
Good:
Have multiple collection points which are open different times during the week to suit you
Bad:
Must save with them for 8 weeks before you can apply for a loan
Verdict:
Small community-run savings and loan service that can help you if you have bad credit - must live or work in Ashfield
You must live or work in the City of Nottingham or the whole county of Nottinghamshire 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 at any point after becoming a member.
Once you have been a member for at least 18 months you can take advantage of their Flexicredit loan. You can borrow up to £5,000 repayable over 3 years at an APR of 19.6%.
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 credit record. If granted, you may need to attend an interview to sign the Loan Agreement.
Please allow 5 to 7 working days for processing from the day they receive your application. 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, Thursday and Friday: 10:00am – 3:00pm
Tuesday & Saturday: 10:00am – 1:00pm
Wednesday: 1:00pm - 5:30pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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Be the first to review Nottingham Credit Union.
Loans up to £7,500 - 5 years
Cheque
Transferred into your savings account
- You need: proof of income and expenditure
- You don't need to have good credit history
- You need to be 18 years of age
- 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 the City of Nottingham or the whole county of Nottinghamshire to become a member
