Kent Savers Credit Union

Good:
If you struggled with finances in the past, they can help you rebuild your credit, no credit checks

Bad:
Can only apply for a loan after you have started saving with them and prove you can afford repayments

Verdict:
Low interest rates, low monthly repayments, no hidden or extra charges - must live or work within the historical county of Kent

You must live or work within the historical county of Kent (i.e. the area currently administered by Kent County Council) - see map below - 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 started saving with them.

You must earn a minimum of £125 to be able to apply. If your income is below £300 per week then the maximum you can apply for is £750. To apply for over £2,000, your income must be more than £16,000 per year. To apply for a loan up to £5,000, your income must be more than £20,000.

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 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.

0333 321 9050 Monday-Friday: 9:00am-5:00pm

0300 456 9990 Monday-Friday: 8:00am-8:00pm
Saturday: 9:00am-5:00pm