Whitehaven, Egremont & District Credit Union

Good:
They assess your financial situation thoroughly to make sure you can actually afford the loan

Bad:
You must save regularly with them for 3 months before applying for a loan

Verdict:
This is not the loan for you if you are looking for money quickly - must live or work in Whitehaven, Moresby, Parton, Lowca, St Bees, Egremont, Waberthwaite, Wasdale, Eskdale or the Sellafield site

You must live or work in Whitehaven, Moresby, Parton, Lowca, St Bees, Egremont, Waberthwaite, Wasdale, Eskdale or the Sellafield site 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 for 10 weeks and you can apply for a loan after you have been saving regularly with them for 8 weeks or 3 months.

First loan - you can borrow double what you have saved. Loans under £250 must be repaid within 30 weeks.

Second loan - borrow up to double your savings plus £200. This must be repaid within 52 weeks.

Third & Subsequent loans - you can apply for up to three times your savings up to £7,500. These must be repaid within 3 years.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can pick up from their main office or one of their collection points. Loan officers will review your application and if granted, you may need to attend an interview.

The credit union aims to give applicants a decision on whether or not the loan is granted within 7 days of receiving the completed application form. You cannot manage your loan online so if you need to make changes, you will 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.

24 James Street Monday-Friday: 10:00am-2:00pm

Family Advice Centre Monday-Friday: 9:00am-12:00pm

Seascale Library Tuesday: 10:15am-11:15am

Mirehouse Community Centre Tuesday: 9:00am-9:30am

Thornhill Library Thursday: 8:45am-9:45am (term time) and 9:00am-10:00am (school holidays)

Orgill Family Centre Thursday: 2:00pm-3:30pm

De Lucy Centre Friday: 10:30am-11:30am

St. Benedict's Church Sunday: 10:00am-1:00pm