Robert Owen Montgomeryshire Credit Union

Good:
Can apply for a loan straight after becoming a member (must prove you can afford the repayments)

Bad:
Sometimes takes up to two weeks to get your loan payout so don't apply if you need quick cash

Verdict:
Small financial business serving the community for saving and borrowing - must live or work in Montgomeryshire

You must live or work in Montgomeryshire 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 a loan at any point after becoming a member.

First you will need to become a member of the union. To apply for a loan, you need to complete an application, which you can download from their website (see example below), pop into their office or one of their collection points. Loan officers will review your application and credit record. If granted, you may need to attend an interview to sign the 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 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.

Newtown
Monday, Tuesday, Thursday & Friday: 10:00am-1:00pm
Wednesday: By appointment only

Welshpool (Oldford)
Thursday: 3:00pm-5:00pm

Machynlleth
Wednesday: 1:00pm-3:00pm

Llanidloes
Friday: 11:00am-1:00pm