Gateshead First Credit Union

Good:
You can apply for a loan as soon as you become a member, must prove you can afford repayments

Bad:
No online service so you must visit an office to carry out a transaction and do your banking

Verdict:
Can take up to two weeks to receive your money so look elsewhere if you need money fast

You must live or work in the Gateshead Metropolitan Borough 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 at any point after becoming a member.

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 download from their website (see example below) or pop into their office. Loan officers will review your application and if granted, you will receive a loan agreement form to sign and return. They will then send a cheque to your home address.

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.

Main Office Walker Terrace Wednesday & Thursday: 9:30am - 12:00pm and 12:45pm - 2:00pm

Felling Community Centre Monday: 10:00am-11:00am

Marigold Court Tuesday: 9:30am-12:00pm

Dunston Activity Centre Tuesday: 9:30am-11:30am

Immaculate Heart Church Sunday: 11:50am-12:20pm