Clwyd Coast Credit Union

Good:
Low repayments, low interest rates and no extra charges or hidden fees, totally transparent

Bad:
Can only apply for a loan after saving regularly with them and can prove you can manage repayments

Verdict:
If you have struggled with finances in the past, they can help you rebuild your credit - must live or work on the Clwyd Coast

You must live or work on the Clwyd Coast 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 to apply and you can only apply for a loan after you have been saving with them regularly.

First you will need to become a member of the union. Then you can download their application form (see example below). Fill it out and send it off to their main office. Your application will be reviewed by a Loan Officer and they will inform you of any documents you may need to produce to prove your ability to repay. They will then let you know their decision and a loan agreement will be created.

The process can take a couple of weeks so this is not a good option for you if you need your money quickly. You cannot manage your loan online so every time you need to make a change, you need to contact them in writing. 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. 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: 9:30am-4:30pm
Saturday: 9:30am-12:00pm