Hi-Scot Credit Union

Good:
Members area on the website so you can access and manage your finances online

Bad:
You must save 20% of your loan value before you can apply for the 'Freedom Loan'

Verdict:
This loan can help you rebuild your credit if you had problems in the past - must live work on any of the islands in the Outer Hebrides

You must live work on any of the islands in the Outer Hebrides 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 to apply for a loan.

They offer two different types of loans:
1) Freedom Loans - if you have been a member for less than 3 months or have no record of savings you can borrow between £100 and £1,000. If you have been a member for at least 3 months and have a savings record you can borrow between £100 and £3,000.

2) Loyalty Loans - if you have been a member for less than 3 months or have no record of savings you can borrow between £100 and £3,000. If you have been a member for at least 3 months and have a savings record you can borrow between £100 and £7,500.

You need to become a member of the union first. To apply for a loan, you can call into their office, apply via telephone or by downloading the application form from their website. 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.

Main Office
Monday, Tuesday, Thursday & Friday: 9:30am - 12:30pm and 1:30pm - 4:30pm