Severn Four Credit Union
Good:
Members area on their website enables you to manage your account online
Bad:
Can take up to a couple of weeks to get you money so don't apply if you need quick cash
Verdict:
If you don't need money in a hurry, this is a great, affordable option - must be living, working or volunteering within the City of Bristol or parts of South Gloucestershire
You must be living, working or volunteering within the City of Bristol or parts of South Gloucestershire 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 share-based loan after you have been saving for 8 weeks.
You need to be a member but you can apply for a Capacity-Based Loan (maximum £500) 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 main office or you can download it from their website. 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.
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 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.
Opening Times
Tuesday-Friday: 9:30am - 12:30pm
Office Phone Lines
Tuesday-Friday: 9:30am-3:00pm
Loan Calculator (Representative 12.7%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £500 - 1 year
Loans up to £5,000 - 5 years
Cheque (payable into your bank account)
- You need: proof of ID, proof of address and details of your income and expenditure
- 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 be living, working or volunteering within the City of Bristol or parts of South Gloucestershire to become a member
