East Renfrewshire Credit Union Ltd

Good:
Low interest rates, low monthly repayments, no extra fees or hidden charges, no credit check

Bad:
It can take longer to get your loan as they fully assess your financial situation

Verdict:
If you are looking to rebuild your credit, this is a great option - must live or work within East Renfrewshire

You must live or work within East Renfrewshire 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 as soon as you start saving with them.

You need to become a member of the union first. To apply for a loan, you need to complete a Loan Application Form, which you can download from their website or pick up from an office/collection point. You can then send it back to them, along with your proof of income, to the office or collection point. All loans are initially assessed by either a Loan Officer or the Credit Committee. Once that have reviewed your application and your spending details, they will contact to inform you of their decision. You then need to go to the office 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 or make a transaction, you can just sign on via their website. 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: 9:00am-12:00pm and 1:00pm-4:00pm
Tuesday, Thursday & Friday: 10:00am-12:00pm and 1:00pm-4:00pm
Saturday: 10:00am-12:00pm