Havant Area Savers Credit Union

Good:
If you have struggled with finances in the past, they can help you rebuild your credit

Bad:
You must have saved regularly with them for 6 weeks before you can apply for a loan

Verdict:
Providing you are not in a rush to get your money, this is a great option - must live or work in the Borough of Havant

You must live or work in the Borough of Havant to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably 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 saving with them for 6 weeks. You can lend up to twice your savings, maximum £500.

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 pick up from an office, posted to you on request or you can download it 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 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.

Monday-Friday: 9:00am - 5:00pm