Haven Credit Union Ltd

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

Bad:
No online banking so you must visit an office every time you want to make a transaction

Verdict:
Low interest rates, low monthly repayments, great way to rebuild your credit - must live or work within the areas of Pembroke, Monkton and Pembroke Dock

You must live or work within the areas of Pembroke, Monkton and Pembroke Dock 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 at any point after becoming a member.

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

19 Charles Street Monday-Saturday: 9:30am-12:30pm

Pater Hall Tuesday: 10:00am-11:30am

Town Hall Pembroke Wednesday: 9:30am-11:00am

Community Hall Pembroke Tuesday: 3:30pm-4:30pm

Old Priory Inn Wednesday: 9:00am-12:30pm

Council Offices Neyland Tuesday: 11:00am-1:00pm

PAVS Friday: 12:00am-2:00pm

The Mount Resource Centre Tuesday and Thursday: 10:00am-2:30pm