East Kilbride Credit Union
Good:
Members area on their website allows you to manage your savings and loan online
Bad:
Apply for a loan as soon as you become a member, but you must have an item to secure it against
Verdict:
Loans are based on your ability to make repayments so provide anything that may help with this decision
You must live or work in East Kilbride or Strathaven 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 at any time.
For the first 3 months of your membership, you can only supply for a secure loan. The next 3 months of your membership, you can apply for two times your savings. After 6 months of membership, you can apply for three times their share balance.
First you will need to become a member of the union. To apply for a loan, you can call into the office and complete an application form, you can download an application form from their website and send it their office or you can apply in person. If you are already a member you can apply online via their Member's Section. Complete an income and expenditure form before you go to save time. Loan officers 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: 1:00pm - 4:00pm
Tuesday-Friday: 10:00am - 4:00pm
Friday Evening: 7:00pm - 8:00pm
Saturday: 10:00am - 12:00pm
Loan Calculator (Representative 26.8%APR)
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Loans up to £3,000 - 3 years
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- 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 need: last 3 wage slips (if applicable), last 3 months bank statements, a utility bill not older than 3 months, recent award letters of all social security or other benefits (if applicable)
- You must live or work in East Kilbride or Strathaven to become a member
