Welcome Credit Union
Good:
Low interest rates, low monthly repayments, affordable and flexible terms tailored to suit you
Bad:
Must save with them for 3 months before you can apply for a loan
Verdict:
Only have one small office and no online service so make sure you have a way to get to the office during opening times - must live or work within Skelmersdale or Chorley
You must live or work within Skelmersdale or Chorley 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 for 3 months. You can apply for up to 3 times the amount you have saved.
You need to become a member of the union first. To apply for a loan, you need to contact their office to see if you are eligible and to arrange an appointment. Visit their office with proof of ID to fill in the paperwork for your loan (you need to know your monthly income and expenditure). All loans are initially assessed by a Loan Officer and the Credit Committee. Then collect your cheque in person or have it transferred direct to your bank account.
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: 10:00am-4:00pm
Wednesday: 10:00am-12:00 noon
Friday: 10:00am-1:00pm
Age Concern - Leigh Branch
Thursday 1:00pm - 3:00pm
Skelmersdale - Tanhouse Community Resource Centre
Wednesday: 1:30pm - 4:00pm
Skelmersdale - Oak House
Tuesday & Thursday: 10:00am - 2:00pm
Loan Calculator (Representative 12.68%APR)
Loan Amount £
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Monthly Repayment
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Loans up to £10,000 - 7 years
BACS transfer
- You need: proof of original ID (not expired) with a signature on it (passport, driving license, official identity card, bank card with signature, council I.D. pass, council tax bill
- 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 within Skelmersdale or Chorley to become a member
