Llandudno and District Credit Union

Good:
Members area on their website so you can manage your loan and savings online

Bad:
Could take up to two weeks for your loan to be paid out

Verdict:
If you are not in a rush for your money, consider this is as an option as is very affordable - must live or work in the county of Conwy

You must live or work in the county of Conwy 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.

Small loans up to £1500 are charged at 26.8%

Loans from £1501 to £5000 are charged at a representative APR of 12.7%

Loans from £5001 to £10000 are usually charged at 8.9%

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 get from their office or a collection point or you can download from their website. You then need to drop it off with a credit union official at a collection point, along with your proof of income. All loans are reviewed by the Loan Officer then by the Loan Panel. 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 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: 9:00am-5:00pm
Saturday: 10:00am-12:00pm

Labour Club Friday: 7:30pm-9:00pm

The Library Friday: 12:30pm-2:30pm

Ty Hapus Llandudno Wednesday: 2:00pm-4:00pm

Mountain View Hotel Wednesday: 10:30am-12:00pm

Lloyd Hughes Room Thursday: 2:00pm-3:30pm

Antioch Salem Chapel Tuesday: 10:30am-12:00pm

Llanwrst Church House Tuesday: 2:00pm-3:30pm