Hartlepool Credit Union
Good:
Can apply for up to £300 as soon as you become a member of the credit union
Bad:
They do not have online banking so if you need to make a transaction you must visit their office
Verdict:
Small financial business serving the local people, affordable rates - must live or work in Hartlepool
You must live or work in Hartlepool 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 an Instant Loan as soon as you become a member, maximum £200 available at a higher interest rate. You will need to be able to provide proof of income, proof of expenditure and proof of all debts.
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 and send it into their office along with your supporting documents. All loans are reviewed by the Loan Officer. They will inform you of their decision as soon as possible and you will be asked to sign a Loan Agreement.
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 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.
Moneywise community Banking
Monday & Tuesday: 10:00am - 3:00pm
Wednesday: 10:30am - 3:00pm
Thursday & Friday: 10:00am - 3:00pm
The Annexe Tuesday: 10:00am-10:30am
West View Community Centre Thursday: 2:00pm-4:00pm
Belle Vue Sports & Community Centre Monday: 11:30am
Burbank Community Centre Wednesday: 9:00am-10:00am
The ORB Centre Monday-Friday: 1:00pm-4:00pm
Loan Calculator (Representative 12.68%APR)
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Loans up to £5,000 - 5 years
- 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 must live or work in Hartlepool to become a member
- You need: Proof of income, such as a bank statement, Post Office Account Statement, wage slips, letter from the benefits agency or tax credits form
- For proof of expenditure you need: Rent or mortgage details, water/gas/electric bills, Insurance details, telephone bills or mobile phone contract
- For proof of all debts, including the ones you are managing to pay you will need: Statements and agreements signed
