Hull & East Yorkshire Credit Union

Good:
Low interest rates, low monthly repayments, no hidden charges or extra fees, affordable loan

Bad:
Can take up to two weeks for your loan to be paid out

Verdict:
If you are not in a rush for a loan, this is a great option - must live or work in Hull or East Yorkshire

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 after saving with them for 13 weeks.

They offer three types of loan:

1. Freedom Loan: This can be applied for as soon as you become a member. They are loans up to £500 and have an APR of 26.8% to be paid back weekly, fortnightly or monthly.

2. Saver Loan: This loan of up to £15,000 is available to members who have been saving at least £10 per month for 13 weeks. For loans up to £4,999 the APR would be 12.7%, for loans £5,000 to £9,999 it would be *.9% and finally for loans of £10,000 and above the APR would be 6.5%.

3. HomeCheque Loan: This loan of up to £5,000 is for those who want to make essential improvements to their home. The repayment period is a maximum of up to three years and has a maximum APR of 12.7%

First you will need to become a member of the union. To apply for a loan, you need to complete the Loan Application Form (see example below), which you can pick up from an office, by calling their office or by downloading and completing the application form on their website. All loans are reviewed by the Loan Officer then by the Credit Committee meeting. 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 10 working days once they have all the information they need, but is usually quicker than this. 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.

Hull Office
Monday, Tuesday & Thursday: 9:15am-4:30pm
Wednesday: 10:00am-4:30pm
Fridays: 9:15am-4:00pm

Bridlington Office
Monday & Thursday: 9:30am-4:30pm
Friday: 9:30am-4:00pm

Driffield Office
Wednesday: 11:00am-1:00pm
Thursday: 10:00am-12:00pm

Goole Office
Thursday & Friday: 9:30am - 4:00pm

Beverley Office
Thursday: 1:30pm-3:00pm