Clockwise Credit Union
Good:
You can actually apply for both your membership and a loan in one form on their website
Bad:
It can sometimes take up to 2 weeks to get your loan paid out
Verdict:
If you're not in a rush to get your money, become part of your local financial community - must live or work in the county of Leicestershire or Rutland
You must live or work in the county of Leicestershire or Rutland 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 after you start saving with them.
First you will need to become a member of the union. To apply for a loan, you must complete the application form that you can download from their website (see example below) and send it to their office along with evidence of your income and outgoings (see list below). You will need to make an appointment at an office or a collection point to discuss the loan. A Loans Officer will review your application and they will let you know their decision within a couple of days.
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.
Pocklingtons Walk Office
Monday, Tuesday, Thursday, Friday: 9:30am - 4:30pm
Wednesday: 10:00am-4:30pm
Saturday: 10:00am - 1:00pm
Melton Mowbray Office
Monday: CLOSED
Tuesday-Friday: 9:30am - 2:00pm
Saturday: 9:30am - 1:00pm
Loan Calculator (Representative 16.1%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
Loading, please wait...
amazing, I've got a default on my file and not much of a credit history so my credit rating is very poor, but after showing the staff that I am responsibly clearing my debt and that my financial position has greatly improved since I was in those circumstances I was allowed a loan of £4000
Took into account all my circumstances, and gave me a loan with a low apr, a low price to pay each month, and peace of mind that people are willing to help.
Loan sorted quickly and they took my personal circumstances into account where everyone else would not. Thanks!
Loan sorted quickly and they took my personal circumstances into account where everyone else would not. Thanks!
Loans up to £7,500 - up to 5 years
- You need: 3 months bank/building society/Post Office statements, 3 most recent wage slips, benefit book or letter from the relevant authority, proof of bill payments, details of arrears, details of any County Court Judgements
- 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 must live or work in the county of Leicestershire or Rutland to become a member
