H&F Credit Union Ltd

Good:
Member's area on their website allows you to manage your finances online

Bad:
It can take up to two weeks to get your loan

Verdict:
If you don't need money quickly, consider this is a financial option - must be living or working in the London Borough of Hammersmith & Fulham

You must be living or working in the London Borough of Hammersmith & Fulham 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 can apply for an Instant Loan up to £2,000 without having a savings history with them. If you do become a member, you can apply for a Saver Loan for up to £5,000.

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 pick up from their office or one of their collection points or you can download it from their website (see example below). Loan officers will review your application and if granted, you may need to attend an interview.

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 won't 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.

Monday, Wednesday, Thursday & Friday: 10:00am – 4:00pm
Saturday: 9:30am 12:30pm