Milton Keynes Credit Union
Good:
Low interest rates, low monthly repayments, no hidden charges or extra fees
Bad:
Must save regularly with them for 3 months before you can apply for a loan
Verdict:
If you're not in a rush to get your loan, this is a great option - must live or work in the Milton Keynes council area
You must live or work in the Milton Keynes council area 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 for at least 3 months or 13 weeks. For members who wish to borrow over £2000 they must have been saving regularly for 6 months at the time of their application.
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 get from their office or a collection point. You then need to send it into their office or a collection point. All loans are reviewed by the Loan Officer. 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.
Lakes Estate Friday: 10:30am-12:30pm
Stantonbury Saturday: 10:00am-12:00pm
Wolverton Friday: 10:00am-12:00pm
Bletchley Thursday: 12:30pm-2:30pm
Netherfield Monday: 12:00pm-2:00pm
Fishermead Tuesday: 11:30am-1:30pm
Greenleys Wednesday: 9:30am-12:30pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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As having over 10 years experince of working in the 'Home Doorstep Lenders Industry' - Milton Keynes Credit Union, what a very Welcome Breath of Fresh air to the residents of Milton Keynes, a organisation that works with a common sense attitude to saving and lending alike. While I am not even a member I would recommend this organisation to anyone that uses door step lenders, I do appreciate that some may not be in the position to save for the 13 week period qualifying period, but this gives those who can the chance to break away from the 'door step' lending market and avoid the pit falls associated with them.,(trust me I know how these 'door step' lenders work inside out). The APR is very competetive and you have the option of several collection points overing most of Milton Keynes (even a Saturday) and the other benefit being you get no one pushing you or dangling a carrott that will lead you into the realms of debt that I have seen so easily happen. As we all know money is tight at the moment, but if you can why not try the 'Milton Keynes Credit Union' , why not start off with perhaps a regular weekly deposit of £2.00/£3.00 a week, by the time December arrives you will be in a position to borrow up to 3 times your savings. Now that has got to be better than any 'DOOR STEP' lenders say GOODBYE to the likes of MUTUAL and CO.
Loans up to £1,000 - 1 year
Loans up to £5,000 - 5 years
Cheque which can be cashed at Post Office (max. £500)
- You need: full details of income and expenditure and proof of ID
- 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 the Milton Keynes council area to become a member
