Pollok Credit Union
Good:
Members area on their website allows you to manage your savings and loan online
Bad:
Must save regularly with the credit union for 10 weeks before you can apply for a loan
Verdict:
Great way to borrow money, really low rates and flexible terms - must live or work within the 'G' postcode
You must live or work within the 'G' postcode 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 after you have been saving for 10 weeks or 3 months.
You 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 get from their office, a collection point or by downloading the form from their website. You can then send it off, along with your proof of income, to the office or collection point. All loans are initially assessed by the Loan Officer and they will ask you to attend a meeting to discuss your application.
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.
Shawlands Branch
Weekdays: 10:00am-2:00pm
Pollok Branch
Monday, Tuesday, Thursday & Friday: 9:30pm-4:00pm
Wednesday: 11:00am-4:00pm
General Enquiries - Monday to Friday: 9:00am - 5:00pm
Loan Calculator (Representative 10%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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what a fast friendly and helpful team low cost loans with no hassles and simple to apply for as long as you are a member im certainly glad i joined.
Loans up to £1,000 - 1 year
Loans up to £2,500 - 2 years
Transferred into your bank account
- 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: 2 months bank statements/1 months Post office statements, 2 months/4 weeks pay slips, benefit receipts or award letters, 2 years' accounts if self employed
- You must live or work within the 'G' postcode to become a member
