Merthyr Tydfil Borough Credit Union

Good:
Have many collection points open at different times throughout the week for your convenience

Bad:
Can take up to two weeks to get your loan paid out

Verdict:
If you have struggled with finance in the past, they could help you rebuild your credit - must be living or working in the borough of Merthyr Tydfil

You must be living or working in the borough of Merthyr Tydfil 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 saving regularly with them.

If you have not saved regularly with them, you can apply for a "Fair Finance Loan" which is up to a maximum of £600 which is charged at a higher interest rate.

They also offer a "Drama Loan" which you do not need to have saved regularly with them for. They only lend if it is for an emergency, i.e. where eviction is being threatened, essential goods need to be purchased or payment of rent is at risk. Maximum £1,000.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can download from their website (see example below), pop into their office or one of their collection points. Loan officers or the credit committee will review your application and if granted, you will need to attend an interview. You will then be asked to sign a "Promise To Pay".

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 will need to contact them in writing or pop 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: 9:00am-4:00pm
Friday: 9:00am-3:00pm

For details on other collection points and their opening times, visit the following link http://www.merthyrtydfilcreditunion.org.uk/index_files/Page766.html