East Sussex Credit Union

Good:
Members area on their website allows your to manage your savings and loan online

Bad:
It can take up to two weeks for your loan to get paid out

Verdict:
If you are not in a rush, this is a great loan as interest is low an repayments are minimal - must be living in the Brighton or Hove

You must be living in the Brighton or Hove 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 have saved for a minimum of 2 months, or 7 weekly payments before applying for a loan.

First you will need to become a member of the union. To apply for a loan, you need to complete an application form (see example below) and return it to the office with proof of your address and income. 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.

Opening Hours
Monday-Friday: 10:00am - 3:00pm

Telephone Hours
Monday-Friday: 10:00am - 4:00pm