White Rose Credit Union

Good:
Members area on their website so you can manage your savings and loan online

Bad:
Can take up to two weeks to get your loan paid out so don't apply if you need quick cash

Verdict:
Low interest rates and affordable repayments, no fees unlike banks, great financial option - must live or work within the Wakefield District

You must live or work within the Wakefield District 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 Liberty Loan as soon as you become a member.

They offer 3 different types of loans:
1) Standard Loan - if you have saved regularly for 12 weeks. The interest is charged at 12.68%. You can apply for up to three times your savings to pay back over 3 years.

2) Liberty Loan - You do not need to have saved regularly to apply for this loan. The interest is charged at 26.8%. The maximum term for this loan is 1 year.

3) House Proud Loan - for home owners. This loan must be for essential repairs to your home. The maximum you can apply for is £7,000 which is to repaid over a maximum of 5 years.

You need to become a member of the union first. To apply for a loan, you can call into their office, pick up an application form from a collection point, apply over the phone or you can download it from their website. Complete the application form and return it to them. All loans are initially assessed by a Loan Officer and the Credit Committee 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 can manage your loan online so if you need to make changes, you don't 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.

Hemsworth & Wakefield Branches
Monday-Thursday: 9:30am - 4:30pm
Friday: 9:30am - 4:00pm