Coastal Credit Union

Good:
Very low interest rates and low repayment rates, will never be any hidden charges or fees

Bad:
You must live, work or volunteer in Bournemouth, Poole, Christchurch, New Milton, Wimborne, Wareham, Ringwood or the surrounding areas to become a member

Verdict:
It may take a bit longer to get your loan but it may be cheaper on the whole

You must live, work or volunteer in Bournemouth, Poole, Christchurch, New Milton, Wimborne, Wareham, Ringwood or the surrounding areas 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). 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.

Bournemouth
Monday-Friday: 10:00am-2:00pm
Saturdays 10:00am - 12:30pm

Kinson
Monday, Wednesday & Friday: 12:00pm-2:00pm

Swanage
Tuesday: 10:30am-12:30pm

Poole
Tuesady: 11:00am-1:00pm

Christchurch
Monday: 11:00am-12:00pm

Wimborne
2nd Wednesday every month: 2:00pm-3:30pm