Lewisham Plus Credit Union

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

Bad:
You must save regularly with them for 3 months before you can apply for a loan

Verdict:
Small financial business serving the local community - must live or work within the Borough of Bromley or the Borough of Lewisham

You must live or work within the Borough of Bromley or the Borough of Lewisham 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 for 3 months.

They offer 3 different types of loan:
1) Standard Saver Loan - lower interest rate and is available to members who can demonstrate they have a savings history with the credit union and have no histories of bad credit.
2) Credit Union Flexi-Loan - if you need money fast and you have been saving with the credit union for 3 months then this is a good loan. Bear in mind it is slightly more expensive.
3) Save-As-You-Borrow Loan - all members regardless of how much they have saved can apply for this loan. It has quite a high APR but you have no proven savings history.

First you will need to become a member of the union. To apply for a loan, you need to complete the Loan Application Form, which you can download from their website, or you can pick one up from their branch. Work out how much you can afford to borrow with the budget form and decided how much you need to borrow. Take the application form into the branch or post it to the main office address. All loans are reviewed by the Loan Officer then by the Credit Committee meeting. Make an appointment with a loan officer. 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-Thursday: 9:30am-1:00pm
Friday: 9:30am-1:00pm and 7:30pm-9:00pm
Saturday: 10:00am-12:00pm

Bellingham Sure Start Monday: 3:00pm-4:00pm

Catholic Social Club Thursday: 8:00pm-9:30pm

Salvation Army Community Room Friday: 9:30am-11:00am

Young Saver Collection Points Details advertised at the schools