Unify Credit Union Ltd

From
Summary

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

Bad:
Must live within one of the following towns: Abram, Ashton in Makerfield, Aspull, Astley, Atherton, Bamfurlong, Beech Hill, Billinge, Bryn, Crankwood, Crooke, Golborne, Goose Green, Hawkley Hall, Highfield, Hindley, Hindley Green, Ince, Kitt Green, Leigh, Lowton, Marsh Green, Newtown, Norley Hall, Orrell, Pemberton, Platt Bridge, Poolstock, Scholes, Shevington, Spring View, Standish, Standish Lower Ground, Stubshaw Cross, Tyldesley, Whelley, Whitley, Winstanley, Worsley Hall, Worsley Mesnes or Wigan

Verdict:
Great option for people with both good and bad credit as loans are affordable and flexible to your needs

You must live within the following towns: Abram, Ashton in Makerfield, Aspull, Astley, Atherton, Bamfurlong, Beech Hill, Billinge, Bryn, Crankwood, Crooke, Golborne, Goose Green, Hawkley Hall, Highfield, Hindley, Hindley Green, Ince, Kitt Green, Leigh, Lowton, Marsh Green, Newtown, Norley Hall, Orrell, Pemberton, Platt Bridge, Poolstock, Scholes, Shevington, Spring View, Standish, Standish Lower Ground, Stubshaw Cross, Tyldesley, Whelley, Whitley, Winstanley, Worsley Hall, Worsley Mesnes, Wigan to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Loan acceptance is based on your proven ability to make repayments. For this reason they do thorough checks on your income and expenditure. You need to be a member and you can apply for a loan without having a savings history.

They offer 2 different types of loans:
1) Smart Loans - available to people who have not established a savings history. The maximum available is £500 and you must repay it within a year. Interest is charged at 26.8%.

2) Saver Loans - available to people who have saved for at least 10 weeks. They can be repaid over a maximum of three years and interest is charged at 12.7%.

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 can take up to 2 weeks to process, so if you are looking for a quick financial solution, this is probably not your best option. 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. Opening hours are limited making it difficult to hand in relevant documents and process your loan. 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.

Wigan & Leigh Branches
Monday-Friday: 9:30am - 2:00pm

For further details concerning other collection points and their opening times, please visit http://www.unifycu.org/branches.php

How much will it cost to repay a Unify Credit Union Ltd?
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Loan Details
APR
12.7% - 26.8%
Representative APR
26.8%
Loan Amount
£50 - £5,000
Repayment Period
Minimum Term 1 month

Loans up to £500 - 1 year

Loans up to £5,000 - 3 years
Repayment Method
Speed to Payout
Arrangement Fee
-
Payment Holidays
None Available
Income Protection Available
No
Average Customer Review
Acceptance Criteria
  • 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 a bank account
  • You don't need to have a good credit history
  • You don't need to have been a UK resident for any specified length of time
  • You must live within the following towns: Abram, Ashton in Makerfield, Aspull, Astley, Atherton, Bamfurlong, Beech Hill, Billinge, Bryn, Crankwood, Crooke, Golborne, Goose Green, Hawkley Hall, Highfield, Hindley, Hindley Green, Ince, Kitt Green, Leig
  • You need to be 18 years of age
  • You need: proof of ID, proof of address and proof of income and expenditure
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