Plough and Share Credit Union

Good:
Can apply for an 'Instant Loan' even if you are not yet a member of the credit union

Bad:
It can take up to two weeks for your loan to be paid out so don't apply if you need fast cash

Verdict:
Low interest rates and repayments, no fees or extra charges, affordable loan - must be living in the rural area of North & West Devon, from Exmoor to Dartmoor

You must be living in the rural area of North & West Devon, from Exmoor to Dartmoor 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 do not need to be a member to apply for their "Instant Loan" without proving a savings history.

They also offer "Standard Member Loans" which is based on a regular saving of 3 months. The first loan is usually limited to twice the amount of your savings over a maximum of a year. Second loans can be up to 3 times the amount of your savings over a maximum of 5 years.

You don't need to become a member of the union first. To apply for a loan, you need to complete the Loan Application Form (see example below), which you can do online, call their office or by contacting a member at an access 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 inform you of their decision ass soon as they can.

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
Tuesday: 10:00am-1:00pm
Thursday: 1:00pm-4:00pm

For details of other collection points and opening times, please visit the following link: http://www.ploughandshare.co.uk/content.asp?section=179