Splotlands Credit Union

Good:
Low interest rates, low monthly repayments, no hidden fees or extra charges, no credit checks

Bad:
Must save regularly for 13 weeks/3 months before you can apply for a loan

Verdict:
It may take a bit longer to get your loan so only apply if you're not in a rush - must live in the Splott, Tremorfa or Adamsdown area

You must live in the Splott, Tremorfa or Adamsdown area to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably 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 and you can apply for a loan after you have been saving regularly with them for 13 weeks or 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 a collection point. 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.

Monday-Friday: 9:00am - 3:00pm