Five Wells Credit Union Ltd

Good:
Very low interest rate with this type of loan and there are never any extra fees or charges

Bad:
You can only apply for a loan after saving regularly with them for 13 weeks

Verdict:
Small community-run financial business helping the local people - must be living or working in the following towns: Corby, Kettering, Wellingborough, Northampton, Bedford, Milton Keynes, Luton, Aylesbury, or Rugby

You must be living or working in the following towns: Corby, Kettering, Wellingborough, Northampton, Bedford, Milton Keynes, Luton, Aylesbury, or Rugby 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.

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 office or one of their collection points. Loan officers will review your application and if granted, you may need to attend an interview. You will then be asked to sign a 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.

Mon, Weds, Thurs, Fri: 10:00am – 4:00pm
Saturdays: 9:30am – 12:30pm

For further information on Collection Points please visit their webpage and click on Savings & Loans