Staffordshire Credit Union

Good:
Members area on their website so you manage your savings and loan online

Bad:
Can take up to two weeks to get your loan paid out so don't apply if you need quick cash

Verdict:
Very affordable and flexible loan for people with good and bad credit - must live or work in Staffordshire

You must live or work in Staffordshire 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 and you can apply for a loan after you have been saving regularly with them for 12 weeks.

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, a collection point or you can download it from their website. You can then send it off, along with documents, 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 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.

Monday, Tuesday, Thursday & Friday: 10:00am-3:00pm
Wednesday: Closed