Oxford Credit Union

Good:
New members can apply for introductory loans of up to £500

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

Verdict:
Very affordable way of borrowing money and no credit checks - must live or work in Oxford city

You must live or work in Oxford city 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 Introductory Loan after saving for 3 months (maximum £500).

Once you have been saving for more than 3 months you may borrow as much as you can afford to repay currently up to a maximum of £2,000.

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 or from a collection point. 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. You will then have 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.

Monday & Friday: 10:00am - 4:00pm
Wednesday: Closed
Tuesday & Thursday: 10:00am-1:00pm