Prince Bishops Credit Union

Good:
Can apply for an Instant Loan (max. £300) as soon as you become a member

Bad:
No online service so you have to join, apply and manage your accounts at their offices

Verdict:
Low rates, low monthly repayments, no hidden charges or extra fees - must live work work within the boundary of County Durham

You must live work work within the boundary of County Durham 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 can apply for a loan once you have become a member and been saving for 12 weeks.

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 get from their office or a collection point. 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 contact to inform you of their decision.

The process normally takes about 7 working days once they have all the information they need. 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.

Main Office
Monday-Friday: 10:00am-4:00pm

For further details on collection points and opening times, please visit the following link: http://www.princebishopscommunitybank.org.uk/Local-Collection-Points