Watford Credit Union

Good:
Can apply for an emergency loan as soon as you become a member (maximum £500)

Bad:
Must save for at least 13 weeks before you can apply for a larger loan

Verdict:
Financial institution that try to help people that can't go to the banks for finance, great affordable loans - must live or work in the 'WD' postcode area

You must live or work in the 'WD' postcode area 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 13 weeks. You can apply for an emergency loan as soon as you become a member for up to £500.

After being a member and saving regularly for 13 weeks you can borrow up to 3 times the value of your savings up to a maximum of £5000.

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 the Credit Committee and they may ask you to attend an interview to make their final decision.

A decision on a loan application can usually be made within 3 - 7 working days once all the information they require has been received. 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.

Clarendon Road
Monday: 5:00pm - 6:30pm
Wednesday: 4:00pm-6:00pm

West Watford Community Centre
Friday: 11:30am-1:30pm

St Helens Church Hall
First Sunday of every month: 10:00am-11:00am

Watford Women's Centre (Women Only)
Thursday: 1:00pm-3:00pm

Meriden Residents Association Office
First and third Friday of the month: 10:00am-11:30am