Northern Oak Credit Union

Good:
Offer an Access Loan which you can apply for as soon as you join as a member

Bad:
No online services so you must visit an office every time you want to make a transaction

Verdict:
If you are not in a rush to get your cash this is a great, affordable finance option - must be living or working within North Tyneside

You must be living or working within North Tyneside 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 an Access Loan if you need money urgently.

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 off their website. You can then send it off to the office or collection point. All loans are initially assessed by the Loan Officer and they will contact you to inform you of their decision.

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.

Main Office
Monday-Thursday: 9:30am - 4:30pm
Friday: 9:30am - 4:00pm

For details on other collection points and opening times, please visit the following link: http://www.nocu.org.uk/service_points.html