Greenwich Credit Union
Good:
You can download all of their application forms from their website
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, great way to rebuild your credit - must live or work in the Greenwich borough of the Thamesmead area of Bexley
You must live or work in the Greenwich borough of the Thamesmead area of Bexley 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 only apply after having saved with them for 3 months.
Your first loan can be up to 3 times your savings plus £500 (£5000 maximum for 3 years).
Your second and subsequent loans can be up to 4 times your savings plus £500 (£15,000 maximum for 3 years)
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. All loans are reviewed by the Credit Committee. They will inform you of their decision as soon as possible and you will be asked to sign a Loan Agreement. You can receive your money by BACS, cheque payable to you or a cheque payable to a third party.
The process may in some cases take up to three 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 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.
Monday-Friday: 10:00am - 3:00pm
Loan Calculator (Representative 12.7%APR)
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Loans up to £5,000 - 3 years
Loans up to £15,000 - 3 years
Cheque payable to you
Cheque payable to a third party
- You don't need to have a good credit history
- You need to be 18 years of age
- It doesn't matter if you are employed, unemployed, on benefits, a carer, a homemaker or on Job Seeker's Allowance, anyone can apply
- You don't need to have been a UK resident for any specified length of time
- You don't need to have a bank account
- You need: current employment contract/most recent payslip, bank statement, benefit letters for time you have been receiving benefits, students need to include letter from your college and separate evidence of income, if no direct source of income you
- You must live or work in the Greenwich borough of the Thamesmead area of Bexley to become a member
