The District of Canterbury Credit Union

Good:
Emergency Loans available up to £250 for new members with no savings history

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

Verdict:
If you have struggled with finances in the past, they can help you rebuild your credit - must live or work within the District of Canterbury, which is the area administered by Canterbury City Council

You must live or work within the District of Canterbury, which is the area administered by Canterbury City Council, 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 saving with them for 3 months. Although, small emergency loans up to £250 are available for people who have not saved for long enough.

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, to their main office. All loans are initially assessed by a Loan Officer and they will ask you to attend an interview to make their final 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.

Citizens Advice Bureau
Saturday: 10:00am-12:30pm

Canterbury City Council Offices
Monday: 10:00am-12:30pm

Whitstable Public Library
Saturday: 10:00am-12:30pm

Querns Road Community Centre
By appointment only call 01227 478 958

Northgate Community Centre, Canterbury
Thursday: 10:30am-12:00am

Canterbury Primary School
Third Wednesday in every month 2:00pm-3:00pm