CommuniSave Credit Union

Good:
They do not do credit checks, they assess each application individually

Bad:
You must live or work in the South West of Birmingham (wards of Bournville, Selly Oak, Kings North, Northfield, Longbridge, Weoley and Bartley Green, part of Edgebaston including the University and the QE hospital sites) to join

Verdict:
If you have struggled with finance in the past, they can help you rebuild your credit with low repayments rates tailored to you

You must live or work in the South West of Birmingham (principally the wards of Bournville, Selly Oak, Kings North, Northfield, Longbridge, Weoley and Bartley Green, part of Edgebaston ward including the University and the QE hospital sites) 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 have been saving with them for 3 months or 13 weeks.

Your first loan can be up to twice your savings and is charged at an APR of 26.8%. Your second and any other loans can be up to 4 times your savings up to a maximum of £10,000. Your second loan is charged at between 9.4% and 19.5%, dependant on the length of membership and level of savings.

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 7 days.

They aim to process your loan within 7 working days once they have received all the information they require. 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.

Main Office
Monday-Friday: 9:30am - 4:30pm
Saturday: 10:00am - 1:00pm

Selly Oak
Tuesday: 2:00pm-3:00pm

West Heath
Thursday: 1:00pm-2:00pm

Hawkesley & Primrose Community Centre
Thursday: 7:00pm-8:00pm

Frankley
Tuesday: 2:30pm-3:15pm

Keystone Childrens Centre
Tuesday: 1:00pm-2:00pm

HolyCross Community Centre
Tuesday: 11:30am-1:30pm