Sheffield Credit Union

Good:
Can apply for the Bronze Loan Scheme immediately after joining the credit union

Bad:
No online service so you have to visit one of their offices/collection points to carry out a transaction

Verdict:
Low interest rates, low monthly repayments, no fees or extra charges, flexible way to borrow - must live or work in Sheffield

You must live or work in Sheffield 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 Bronze Loan Scheme immediately after joining, at a higher interest rate.

For your first loan you can borrow a maximum of twice your savings. For your second and subsequent loans you can apply for 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 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 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, Wednesday & Friday: 10:00am - 1:00pm

See the resources below for a document containing all of their collection point addresses.