Unify Credit Union Ltd

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. 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 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%.

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.

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