Solent Credit Union
Good:
Low interest rates, low monthly repayments, no extra fees or hidden charges, no credit checks
Bad:
Must save regularly with them for 3 months before you can apply for a loan
Verdict:
If you have had finance in the past, they could help you rebuild your credit - must be living within the 'SO' postal code district
You must be living within the 'SO' postal code district 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 for 3 months.
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.
Main Office
Tuesday, Thursday & Friday: 10:00am-4:00pm
Wednesday: 1:00pm-6:30pm
Saturday: 10:00am-3:00pm
For further details on collection points and opening times, please visit the following link http://www.solentcreditunion.co.uk/index_files/HowCanISave.htm
Loan Calculator (Representative 12.68%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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Loans up to £5,000 - 3 years
- You need: last 3 payslips, benefit entitlement letters, utility bill (from last 3 months), last 3 bank statements, statement/payment book for other loans/debts, rent card/book or rent statement, mortgage statement, credit card/catalogue statement
- 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 within the 'SO' postal code district to become a member
