Waltham Forest Community Credit Union
Good:
As soon as you become a member, you can apply for a £500 loan straight away
Bad:
Only have one small office with limited opening hours from which you have to manage your account
Verdict:
If you're not in a rush to get your money, this is a great option for both people with good and bad credit - must live, work, study or worship in the London Borough of Waltham Forest
You must live, work, study or worship in the London Borough of Waltham Forest 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 £500 loan as soon as you become a member.
Once you have proved you can make repayments and have had a long and regular savings history with them you can then apply for £10,000.
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.
Main Office
Monday, Tuesday & Thursday: 9:30am - 4:30pm
Saturday: 10:00am - 2:00pm
Loan Calculator (Representative 26.8%APR)
Loan Amount £
Loan Term months
Monthly Repayment
Total Repayment
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up to £10,000 for 84 months
- You don't need to have a good credit history
- You need to be 18 years of age
- 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 been a UK resident for any specified length of time
- You don't need to have a bank account
- You must live, work, study or worship in the London Borough of Waltham Forest to become a member
- You need: 3 months bank statements, 3 months pay slips or benefit letters, credit card statements, utility bills, documents relating to the reason for your application and any recent correspondence to companies you owe money to
