Money Spider Credit Union

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

Bad:
Must prove you can save regularly and afford the repayments before you can apply for a loan

Verdict:
If you are not in a rush to get your money, this is a good affordable option - must live or work in Burton on Trent or South Derbyshire

You must live or work in Burton on Trent or South Derbyshire 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.

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, or you can download it from their website. 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.

West Street Methodist Church Friday: 10:00am-12:00pm

The Old Post Centre Thursday: 12:00pm-2:00pm

Trent & Dove Offices Thursday: 9:30am-11:30pm

Queen Street Community CentreThursday: 2:00pm-4:00pm

Winshill Neighbourhood Resource Centres Friday: 9:30am-11:30am

St Edwards Primary School Wednesday: 3:00pm-3:30pm (term time only)

Burton Caribbean Association Wednesday: 12:00pm-2:00pm