Wearside First Credit Union

Good:
They can help you rebuild your credit if you had financial problems in the past

Bad:
Before you apply for a loan, you have to prove that you can save with them and afford your repayments

Verdict:
It may take longer to get your loan so don't apply if you need quick cash - must live or work within the boundaries of the City of Sunderland

You must live or work within the boundaries of the City of Sunderland 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 with them regularly.

You need to become a member of the union first. To apply for a loan, you need to complete the Loan Application Form, 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 the Credit Committee and they may ask you to attend an interview so they can 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-Friday: 10:00am - 4:00pm