Islwyn Community Credit Union
Good:
Members area on their website allows you to manage your savings and loan online
Bad:
You must save regularly with them for 12 weeks before you can apply for a loan
Verdict:
If you are in no rush to get you loan, this is a great affordable option - must be living or working within the Islwyn constituency
You must be living or working within the Islwyn constituency 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.
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 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.
Head Office
Monday & Friday: 10:00am-12:30pm
Saturday: 9:30am-11:30am
St Mary's Church Monday: 9:30am-10:30am
CAB Office Tuesday: 2:00pm-3:00pm
Markham Community House and Leisure Centre Wednesday 11:15am-12:15pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Your first loan must be repaid within a year
Loans up to £5,000 - 5 years
Cheque
- You need: proof of ID and proof of income and expenditure
- 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 must be living or working within the Islwyn constituency to become a member
