Scotwest Credit Union
Good:
Members area online so you are able to manage your savings and loan online
Bad:
Verdict:
If you do not need quick cash, this is a very flexible and affordable option - must live or work within the West of Scotland
You must live or work within the West of Scotland area 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 immediately after joining.
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 Elmbank Street office, a collection point or you can request it be sent to you. You can then send it off, along with your proof of income, to their main office. All loans are initially assessed by the Loan Officer and they will contact to inform you of their decision.
Scotwest Credit Union try and get their decision processed as quickly as possible once they have received all the information they need. You can manage your loan online so if you need to make changes, you don't 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.
Monday-Thursday: 8:30am - 5:00pm
Friday: 8:30am - 4:00pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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POOR, REFUSED A SMALL LOAN HAVING BEEN A MEMBER FOR 21 YEARS AND PAYING BY DIRECT DEBIT, AGREE WITH ABOVE NEGATIVE COMMENTS, NO ITEREST IN LONG STANDING CUSTOMERS
Times have changed at Scotwest! It is no longer there to help low income public sector workers (no golden pension for me). Scotwest has become a high street bank. We have NEVER defaulted on any loan we have had from any organisation yet we have been declined by Scotwest. I believe, because customers no longer need to have one fifth of the funds 4 a loan, Scotwest are getting their capital from banks and therefore using their criteria. I will be cancelling my payroll payments as they are not carrying any weight and the money is better in my pocket! The rates they offer are nothing like wHat they used to be - in some regards it would be cheaper using the credit card.
very quick and easy way monthly pay back
Very friendly service, great low loan rates for everyone! Even offer a current account with very low charges! They're a great way of saving, they have no share holders so no big fat cats wanting to make profits from the company, so all profits made go right back into the members pockets.
Good place toget a loan fast and efficent.Don't use the autobid funtion unless you really need to. It's better to keep control yourself and bid manually. A lot of people wait until the last few minutes before putting bid offers in. I get in early and offer a percentage I'd be happy with.Applng now with Loanfinder to see if Funding Circle Business Loan is suitable for you without leaving a mark on your credit file is a good idea.
very reasonable monthly pay back
They are the best way to save and manage your finances. Saving is easy with direct debit or salary deduction and once you have been a member for a few months you can get their cheap loans. It's not for profit and it's run by its members so they don't push products on you. And, it's free to join.
Very few good points now, staff seen friendly enough. But this seems to be a bank in all but name. The values of a credit union have been lost as this so called credit union has grown. People with an impeccable and lengthy relationship with this institution are not being treated as such, beware!
Very friendly service, great low loan rates for everyone! Even offer a current account with very low charges! They're a great way of saving, they have no share holders so no big fat cats wanting to make profits from the company, so all profits made go right back into the members pockets.
I much prefer using my credit union than going to the bank! (who know what they do with my money!!) And your part of their community. I always feel like I'm important when I phone or visit them, althought the APR isn't alwasy the best out there I know thats the deal I will be getting before I apply! So no hidden catches or surprises. MY credit union is the place I turn to first when I need anything regarding money! If your not in a credit union, you should really see about joinning one!
Loans up to £20,000 - 7 years
- You need: proof of ID, proof of address (3 months)
- 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 must live or work within the West of Scotland area to become a member
