Grampian Credit Union

Good:
You can apply for a loan as soon as you become a member of the union

Bad:
Only have one office to visit if you are not comfortable using their online banking

Verdict:
Small financial business serving the local community, great to rebuild your credit - must live or work within the Grampian Region

You must live or work within the Grampian Region 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 as soon as you join. The maximum you can borrow for your first loan is £2,000 which you must pay back over 24 months, to be eligible for this you need to have been in employment for 12 months.

First you will need to become a member of the union. To apply for a loan, you need to complete the Loan Application Form, which you can download from their website (see example below) and send it into their office with your documents (3 months bank statements and 3 recent payslips). All loans are reviewed by the Credit Committee. They will inform you of their decision as soon as possible. You will receive your money via cheque or online banking.

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 can manage your loan online so if you need to make changes, you don't need to contact them or go 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.

Opening Hours
Monday, Wednesday & Thursday: 9:30am-4:30pm
Tuesday: 10:00am-4:00pm
Friday: 9:30am-4:00pm

Phone Opening Hours
Monday-Thursday: 9:30am-1:00pm and 2:00pm-4:30pm
Friday: 9:30-1:00pm and 2:00pm-3:30pm