Fusion Credit Union

Good:
The interest charged yearly is very low and there are never any fees or extra charges - very transparent product

Bad:
They do not provide an online service so you must do all of your banking in an office

Verdict:
No credit checks - If you struggled with finance in your past, they can help you rebuild your credit - must be living or working in the Lichfield District area

You must be living or working in the Lichfield District area 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 4 weeks of saving.

First you will need to become a member of the union. To apply for a loan, you need to make an application in person by visiting a Collection Point or over the phone. 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.

Burntwood Friday: 10:00am-12:00pm

Lichfield Wednesday: 10:00am-12:00pm
Saturday: 10:00am-12:00pm

Citizens Advice Bureau Lichfield Friday: 1:30pm-3:30pm

Beacon Park Retirement Village Tuesday: 2:00-4:00pm
Please note: Only residents of Beacon Park Retirement Village and their families, Friends of the Village, and residents of nearby St Andrew’s House, Sandford Gate and the Pegasus development can visit this collection point.