Wantsum Savers Credit Union
Good:
Low interest rates, low monthly repayments, no extra fees or hidden charges, no credit checks
Bad:
Must save for at least 8 weeks before you can apply for a loan
Verdict:
If you have struggled with finances in the past, they can help you rebuild your credit - must live or work in Thanet
You must live or work in Thanet 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 for at least 8 weeks.
For the first loan the maximum that can be applied for is three times the member's shares After this the most a member can apply for is four times their savings.
Wantsum will check members to see if they are on the electoral role and will expect the member to apply to go on the register if they are not.
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 application may take up to 7 days to review and process once they have received all the information they require. 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.
Thanet Gateway Plus
Wednesday: 10:00am-2:00pm
Duke Street
Monday, Tuesday, Thursday & Friday: 10:00am-4:00pm
Saturday: 10:00-12:00
14 York Street
Friday: 10:00am-12:00pm
Loan Calculator (Representative 26.8%APR)
Loan Amount £
Loan Term months
Monthly Repayment
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Loans up to £5,000 - 5 years
Cheque cashable at the Post Office
Cheque payable to a third party
Transferred into your bank account
- You need: proof of ID, proof of address and proof of income and expenditure
- 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 or work in Thanet to become a member
