Islay & Jura Credit Union

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

Bad:
It can take up to two weeks to get your loan as loan officers assess your application at a meeting

Verdict:
Small financial business serving the local community - must live or work on Islay or Jura

You must live or work on Islay or Jura 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 after you have been saving for 12 weeks. For your first loan you can apply for one and a half times the amount you have saved.

Once you have paid back your first loan you can then apply for a loan of up to twice your savings up to a maximum of £5,000.

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/collection point 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 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.

Cybercafe Rear Office
Tuesday: 11:00am - 12:00pm

Bowmore
Friday: 12:30pm-2:00pm