Gloucestershire Credit Union

Good:
Have four different offices that are open at different times throughout the week for your convenience

Bad:
You must have been saving with them regularly for 3 months before you can apply for a loan

Verdict:
Low interest rates, low monthly repayments, no hidden charges or fees - must live or work in Gloucestershire

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 you have been saving with them for 3 months. Your first loan you can only apply for twice the value of your savings.

First you will need to become a member of the union. To apply for a loan, you need to apply in writing by completing an application, which you can get from their Barton office. All loans are reviewed by the Credit Committee. They will inform you of their decision as soon as possible.

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.

Barton Street
Tuesday: 1:00pm - 3:00pm
Thursday: 12:00pm - 3:00pm
Saturday: 10:00am - 12:00pm

Brockworth Community Project
Wednesday: 1:30pm-3:00pm

Matson Trinity Centre
Tuesday: 9:30am-10:30am

Matson - The Gateway
Friday: 10:00am-12:00pm

Podsmead Neighborhood Project
Monday: 10:00am-12:00 noon

Cirencester Library
Mondays: 10:00am-1:00pm

Tewkesbury
Mondays: 10:00am-1:00pm