Red Kite Credit Union

Good:
Can help you rebuild your credit if you have had problems in the past

Bad:
Must save regularly with them for 3 months before you can apply for a loan

Verdict:
If you are not in a rush to get quick cash, this is a very affordable, valid option for finance

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 a loan after saving regularly with them for 3 months.

First you will need to become a member of the union. To apply for a loan, you need to contact a union representative by calling them or going to a service point (or you can request a form using the enquiry form on their site). Complete the form and return it to the office/collection point. Loan officers will review your application and if granted, you will need to attend an interview.

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.