Neath & Port Talbot Credit Union

Good:
As soon as you become a member you can apply for a £300 HandyLoan

Bad:
You have to go to one of their offices/collection points to join and also apply for a loan

Verdict:
If you are not in a rush to get your loan, this is a great financial option for a loan - must be living or working in Neath Port Talbot County Borough

You must be living or working in Neath Port Talbot County Borough 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 HandyLoan (maximum £300) as soon as you become a member.

They offer 3 types of loans:
1) Prime Savers Loan - for people that have a savings history with the union. Usually has low interest rates, in this case the representative example is 12.68%.

2) Save as you Borrow Loan - you must have some sort of savings with them over the last 13 weeks/3 months. This loan has a higher interest rate of 19.6%.

3) HandyLoan - you don't need to have saved for any length of time but you can only apply for up to £300. This loan has a higher interest rate of 26.8%.

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, from a collection point or you can download it from their website. You can then send it off to the office or collection point. All loans are reviewed by the Loan Officer and Credit Committee. 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.

For details of all their collection points and opening times, please visit the following link: http://www.nptcu.co.uk/index.php?pid=d9e085f9ffb4fd137a71841a967eac0f