Norfolk Credit Union
Good:
Members area on their website so you can manage your savings and loan online
Bad:
You must save for enough time for them to think you are able to afford and make the repayments
Verdict:
If you struggled with finances in the past, they may be able to help you rebuild your credit - must live or work in the area of Norfolk
You must live or work in the area of Norfolk 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 with them for a length of time.
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. 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 can manage your loan online so if you need to make changes, you don't 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.
Monday-Friday: 9:00am-4:30pm
Loan Calculator (Representative 12.68%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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Loans up to £5,000 - 5 years
Cheque payable to a third party
- You need: 8 weeks bank/building society statements, evidence of wages/income, evidence of all outstanding debts/borrowings, evidence of intended purchase, completed income & expenditure form, completed data monitoring form
- 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 area of Norfolk to become a member
