Cheshire Neighbours Credit Union

Good:
You can apply for a loan with them as soon as you become a member and start saving

Bad:
Must visit their office to join and apply for the loan so you must be able to get there

Verdict:
Low rates and very low repayments, no hidden fees - must live or work in Cheshire

You must live or work in Cheshire to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably 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 but you can apply for a loan up to £500 as soon as you start saving. Usually the first loan will have an APR of 26.7% with the second loan being 12.7%.

First you will need to become a member of the union. In order to apply for a loan, you need to complete an application form at a branch or collection point and hand it to an employee. Be sure to include two forms of ID with your application and income and expenditure details. A Loans Officer will review your application and they will let you know their decision as soon as possible.

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 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: 9:00 - 5:00pm