Nottingham Credit Union Ltd

Good:
Apply for a loan straight after becoming a member (must be able to prove you can make repayments)

Bad:
Can take up to two weeks to get your loan so don't apply if you need quick cash

Verdict:
If you had financial problems in the past, they can help you rebuild your credit - must be living or working in the City of Nottingham, Borough of Broxtowe, Gedling or Rushcliffe

You must be living or working in the City of Nottingham, Borough of Broxtowe, Gedling or Rushcliffe to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably 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 at any point after becoming a member.

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 credit record. If granted, you may need to attend an interview to sign the 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 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.

Main Office
Monday, Thursday, Friday: 10:00am-3:00pm
Tuesday & Saturday: 10:00am-1:00pm
Wednesday: 1:00pm-5:30pm

For details of other collection points and opening times, please visit the following link: http://www.nottinghamcu.co.uk/content.asp?contentid=689