Islington & City Credit Union
Good:
You can apply for a loan with the credit union as soon as you have become a member
Bad:
No online banking so you must visit their office every time you need to make a transaction
Verdict:
If you have struggled with finances in the past, they can help you - must be living or working in Islington or the City of London
You must be living or working in Islington or the City of London 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 as soon as you have joined.
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.
Monday, Tuesday, Wednesday & Friday: 9:30am - 5:00pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £5,000 - 5 years
Cheque payable to a third party
Cheque you can cash at a Post Office
- 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 need: 2 most recent bank statements (if applicable), proof of income (wage slips/benefits/pension payments book), a completed budget sheet, proof of other loan balances/repayments, your most recent credit card statements (if applicable)
- You must be living or working in Islington or the City of London to become a member.
- If you default on your loan there will be legal costs and administrative charges - £100.00
