Citysave Credit Union
Good:
Members area on their website which allows you to manage your finances online
Bad:
It can take longer to get your loan as they fully assess your financial situation
Verdict:
If you are looking to rebuild your credit, this is a great option - must live or work in Birmingham
You must live or work in Birmingham 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 but you can apply for a loan without having saved with them. Maximum available is £500.
First you will need to become a member of the union. To apply for a loan, you can complete the application form on their website. Once you've finished it, click submit. 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 & Tuesday: 9:15am - 4:45pm
Wednesday: 10:00am - 4:45pm
Thursday & Friday: 8:15am - 4:45pm
Loan Calculator (Representative 19.6%APR)
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Be the first to review Citysave Credit Union.
Loans up to £5,000 - 4 Years
Transferred directly into your bank account
- You don't need to have a 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 need: 3 months bank statements (if you are a new customer - 1 months worth otherwise) and evidence of income
- You must live or work in Birmingham to become a member
