Trafford United Credit Union

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

Bad:
Must save regularly with them for 3 months before you can apply for a loan

Verdict:
Small business serving the local community for people with good and bad credit - must live or work within the Trafford Council area, Whalley Range or the St. George's area of Hulme

You must live or work within the Trafford Council area, Whalley Range or the St. George's area of Hulme 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 saving with them regularly for 3 months.

For your first loan you can borrow twice the amount of your savings. For a second loan you can borrow up to three times the amount of your savings. They can offer emergency loans, if you need information about these contact their office.

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, 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.

Monday-Saturday: 10:00am - 12:00pm