Credit Unions provide short term loans, often for small amounts of money. They don’t charge high rates of interest. The law says the amount they can charge is limited to two percent per month, but many charge less than this.
Use Find your Credit Union to contact a credit union and find out how much you can borrow.
A Credit Union loan could be an affordable alternative to expensive payday loans or doorstep lenders, who have no limit on what they can charge.
Credit Unions may offer you a loan if you have a low income or you claim benefits. They don’t guarantee to offer everyone a loan, but they look carefully at your circumstances when deciding if they can. It’s important for Credit Unions’ members that borrowers can afford to pay back the money they borrow.
Some Credit Unions also offer long-term loans and mortgages. You usually need to have a history of saving with a Credit Union before you can borrow.