Falkirk District Credit Union

Good:
Free life insurance cover with your loan, no extra fees or hidden charges and low interest rates

Bad:
Must save with them for at least 3 months before you can apply for a loan

Verdict:
If you are in no rush to get a loan, this is a cheap and convenient option for finance - must live in Falkirk or surrounding areas

You need to be living in Falkirk or surrounding areas 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 you can apply for a loan after saving regularly with them for 13 weeks or 3 months.

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 collect from their office or one of their collection points. Loan officers will review your application and if granted, you may need to attend an interview.

For your first loan if you have saved under £150 you can borrow twice the value of your savings. If you have saved over £150 you can borrow the value of your savings plus £150.

For your second loan if you have saved under £500 you can borrow twice the value of your savings. If you have saved over £500 you can borrow the value of your savings plus £500.

For your third and subsequent loan you can borrow twice the value of your savings.

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.

Grangemouth Head Office Monday-Friday: 10:00am-2:00pm

Bonnybridge Branch Monday: 10:00am-12:00pm

Denny Branch Tuesday: 10:00am-12:00pm
Thursday: 6:00pm-7:00pm

Dawson Branch Wednesday: 10:00am-12:30pm

Westquarter Branch Thursday: 10:00am-12:00pm

Bo'ness One Stop Shop Tuesday: 10:00am-12:00pm