Dumbarton Credit Union

Good:
Apply for a loan at any point after becoming a member as long as you can prove you can afford the repayments

Bad:
You must be living or working in Dumbarton to become a member

Verdict:
Low interest paid per month and low repayments per month, good option if you need to rebuild your credit

You must be living or working in Dumbarton 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 and you can apply for a loan after saving with them for a minimum of 8 weeks or 2 months.

The most you can borrow for your first loan is twice your savings and must be paid back within two years. The maximum available for second and subsequent loans will be up to three times your savings with a maximum of £7,500.

First you will need to become a member of the union. To apply for a loan, you must complete the Loan Application Form that you can get from their office, by telephone or you can download the application from their website (see example below). You will need to provide documents to prove all of your income and expenditures, also for identification. The Credit Committee will review your application and they will let you know their decision within a few days and then you will be asked to sign the loan agreement.

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 can manage your loan online so if you need to make changes, you don't need to contact them 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: 9:30am - 12:00pm
Thursday: 9:30am - 2:30pm and 3:30pm - 7:00pm
Friday & Saturday: 9:30 - 12:00pm