FAIRshare Credit Union
Good:
Their APR is very low and the repayments are tailored to suit your needs
Bad:
You must prove that you are able to save with them before you are eligible for a loan
Verdict:
Very small financial business run by the community who want to provide a solution for local people - must live or work in the Borough of Telford & Wreking, Broseley and Much Wenlock
You must live or work in the Borough of Telford & Wreking, Broseley and Much Wenlock.
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 becoming a regular saver.
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) from the collection point or office, or you can download it from their website. 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 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.
FAIRshare House
Monday & Tuesday: 10:00am - 2:00pm
Thursday & Friday: 10:00am - 4:00pm
Saturday 10:00am-12:00 noon
Dawley Friday: 9:30am-11:00am
Stirchley Friday: 11:00am-1:00pm
Broseley Friday: 2:30pm-3:30pm
Donnington Friday: 10:00am-11:00am
Woodside Tuesday & Thursday: 11:00am-1:00pm
Loan Calculator (Representative 12.68%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £5,000 - 5 years
- You may not need to provide any documents if you have been saving with them regularly
- 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 must live or work in the Borough of Telford & Wreking, Broseley and Much Wenlock
