Leeds City Credit Union
Good:
Members area on their website allows you to manage your savings and loan online
Bad:
It can take up to two weeks to get your loan paid out so don't apply if you need quick cash
Verdict:
If you struggled with finance in the past, this is a great way to rebuild your credit - must live or work in Leeds
You must live or work in Leeds 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 with them.
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 download from 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 visit one of their 10 branches in Leeds to become a member and prove your identity.
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.
Main Office
Monday & Tuesday: 8:30am-4:45pm
Wednesday: 9:00am-12:30pm
Thursday: 9:00am-6:30pm
Friday: 9:00am-4:45pm
For details on other collection points and opening times please visit the following link, http://www.leedscitycreditunion.co.uk/content.asp?section=134
Loan Calculator (Representative 12.68%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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The staff are approachable, pleasant and always willing to help. The office is small, however, but it is a bit "scruffy". Although this office is nearer to where I live, I think that some of the staff at this office are not as thoroughly trained on the desk -apart from a couple of people - and come across quite unprofessional, which is why I used the New York Street office. I will not be taking my service here any more and will try the one at Great George Street.
I had had several 'HandiLoans' from them before and went into the Main Office in order to ask for £150 to see me until the end of the month when my paycheck arrived. I waited in line for 20mins and was then asked a barrage of questions (this in addition to the form I'd filled in), some very personal and private, by a 19-yo cashier, in front of the entire queue. As I have very few outgoings she questioned why I needed the £150 and ventured that I must surely have more outgoings than I had stated & to go away and think about it. Outrageous! Because of these factors I have closed my account with LCCU.
I support the Credit Union and always will. They have been a big help to me in the past and I will continue to save with them. I have always found the staff to be polite and courtious - keep up the good work especially through these tough times.
Loans up to £250 - 1 year
Loans up to £5,000 - 5 years
Loans up to £10,000 - 10 years
Transferred into a bank account
Collect it from one of their branches (£300 daily cash limit at branches)
- You need: 3 months wage slips/proof of benefits and proof of outgoings (3 months bank statements)
- 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 live or work in Leeds to become a member
