First Dorset Credit Union
Good:
You are eligible to apply for a loan straight after becoming a member, just need to supply supporting documents (see below)
Bad:
Do not have an online service so you must visit an office every time you need to make a transaction
Verdict:
If you have struggled with finance in the past, this is a great chance to rebuild your credit - must be living or working in rural Dorset (between Lyme Regis to the Blackmore Vale)
You must be living or working in Dorset (between Lyme Regis to the Blackmore Vale) 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 "Non Saver Loan" immediately after joining, without saving first. For the first loan the repayment term can be a maximum of 2 years.
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 contact you to discuss.
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.
Head Office
Monday, Tuesday, Wednesday, Thursday & Friday: 10:00am-12:00pm
Saturday: 9:30am-12:30pm
Thursday Late Opening: 5:00pm-7:00pm
For details of other branches and opening times, use the following link: http://www.firstdorsetcreditunion.co.uk/6.html
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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A few years ago the F D Credit Union stopped paying any interest at all to lenders - I feel that this is not fair
I found it difficult to get a loan through my bank, First Dorset Credit Union were very simple but thourough, I felt that I could trust them. They've encouraged me to save with them too.
Loans up to £2,000 - 2 years
Loans up to £7,500 - 5 years
- You need: evidence of income and expenditures, proof of benefits or wage slips, copies or recent bank statements and details or any outstanding loans
- 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 be living or working in rural Dorset (between Lyme Regis to the Blackmore Vale) to become a member
