West Norwich Credit Union

Good:
Low interest rates, low monthly repayments, no credit checks so you can have bad credit

Bad:
Must save regularly for 8 weeks/2months before you can apply for a loan

Verdict:
If you don't need quick cash, this is a good and affordable option - must live or work in West Norwich

You must live or work in West Norwich 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 8 weeks/2 months regular savings.

After saving regularly for 8 weeks or 2 months you can borrow up to two times the amount you have saved with us, up to a maximum of £5000.

You need to become a member of the union first. To apply for a loan, you need to get an application form from their office or a local collection point. Complete the application form and return it to them. All loans are initially assessed by a Loan Officer and they will then contact you to inform you of their 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.

Monday-Friday: 9:00am - 1:00pm