North Wiltshire Credit Union
Good:
Members area on their website allows you to manage your savings and loan online
Bad:
Can only apply for a loan after savings regularly with them for 10 weeks
Verdict:
Low interest rates and monthly repayments, no hidden fees or charges, affordable option - must live or work within North Wiltshire
You must live or work within North Wiltshire 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 for 10 weeks. If you don't have a savings history you can apply for between £50 and £500 but you must become a member to take out the loan.
First loans are subject to a maximum of £1,000 or 3 times your savings, whichever is the smallest figure. Second and subsequent loans can be up to 4 times your savings.
Loans of £2,000 and larger can be offered at a reduced interest rate.
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 will review your application and if granted, you may need to attend an interview.
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.
Chippenham
Tuesday, Wednesday & Thursday: 11:00am-1:00pm
Calne
Monday: 9:30am-11:30am
Saturday: 10:00am-11:00am
Corsham
Tuesday: 10:30am-12:00pm
Saturday: 10:30am-11:30am
Cricklade
Thursday: 10:00am-11:00am
Wotton Bassett
Wednesday: 11:00am-12:30pm
Rudloe
Wednesday: 11:00am-1:00pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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First loan up to £1,000 - 1 year
Subsequent loans up to £3,000 - 3 years
Credit onto your ALTO debit card
Cheque payable to a third party
- 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 need: a tenancy agreement (inc. landlord details)/most recent mortgage statement, a utility bill or letter from a government agency from last 2 months, bank statements/Post Office statements from last 2 months, proof of ALL income
- You must live or work within North Wiltshire to become a member
