Rutherglen Credit Union

Good:
Great financial option for people both with good and bad credit, really affordable loans

Bad:
Only have one office for you to join, apply and manage your finances

Verdict:
Very small financial business run to serve the local community - must live or work within the 'G73' postcode

You must live or work within the 'G73' postcode 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 but you can apply for a loan after you have been saving for 6-8 weeks.

The maximum you can apply for for your first loan is £750. Your second loan can be increased to £3,000 and your third loan can be increased to three times your savings.

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, you can request it be sent to you or you can download the application form off their website. You can then send it off, along with your proof of income, to their main Rugby office. All loans are initially assessed by the Loan Officer and they will contact to inform you of their decision.

Loan applications are considered by a Loan Officer and they aim to give you an answer within a maximum of 5 working days once they have 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, Tuesday, Thursday & Friday: 10:00am - 1:00pm
Wednesday: 10:00am - 1:00pm 6:45pm - 7:45pm
Saturday: 9:30am-12:00pm

Springhall Community Centre
Tuesday: 7:00pm-7:45pm