1st Alliance (Ayrshire) Credit Union

Good:
They offer online banking so you are able to manage your finances from your computer

Bad:
You need to save with them regularly for 12 weeks before you can apply for a loan

Verdict:
Affordable interest with no extra charges or hidden fees, great option to rebuild your credit - must be living or working in the County of Ayrshire

You must be living or working in the County of Ayrshire 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 with them for 12 weeks.

First you will need to become a member of the union. To apply for a loan, you need to complete an application form 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.

Monday, Tuesday, Thursday & Friday: 9:00am - 5:00pm
Wednesday: CLOSED
Saturday: 10:30am - 12:30pm