Smart Money Credit Union

Good:
They do not carry out credit checks so they can help you if you have struggled with finance in the past

Bad:
Must save regularly with them before you can apply for a loan, they must be able to see you can afford the repayments

Verdict:
If you do not need quick cash, consider this an an option - must be living in Caerphilly, Blaenau Gwent or Newport

You must be living in Caerphilly, Blaenau Gwent or Newport 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 regularly with them.

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 you to advise 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.

Abacus House
Monday-Friday: 10:00am - 3:00pm

For a list of all other opening times, please visit: http://www.smartmoneycreditunion.co.uk/node/8