Capital Credit Union Ltd

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1 Review

Representative APR 12.7%

APR ranges from 6.9% - 26.8%

Loan Amount £100 - £15,000

Repayment Method Money is debited from your regular savings deposit

Payroll deduction

Payout Method Transferred into your bank account

Speed 3-5 working days

How much will it cost?

Will Capital Credit Union Ltd accept me?

Loan Calculator (Representative 12.7%APR)

Loan Amount £

£100 £15,000

Loan Term months

12 months 60 months

Monthly Repayment

Total Repayment

Loan Amount *

Loan Purpose

Postcode *[?]

Do you have Defaults [?]

Do you have any CCJs [?]

Employment Status *

Age *

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Good Stuff

Have a members area on their website so you can control your savings and your loan online

Bad Stuff

You must live or work in Edinburgh, The Lothians or The Borders to become a member

Verdict

Great local service that offers low interest rates, no fees and finance for people with bad credit

Summary
Lending Criteria
Charges
Similar Lenders

Summary[edit]

You must live or work in Edinburgh, The Lothians or The Borders to become a member.

Credit Unions offer a few different unsecured loans for any purpose. Their loans are considerably cheap and are based on your proven ability to repay, this is why they do a thorough check of your income and expenditures. You don't need to be a member to apply.

Capital offer 3 different types of loans: Member Loan, Flexi Loan and Loyalty Advance Loan.

First you will need to become a member of the union. In order to apply for a loan, you can download a form off their website (see example below). Complete this and send it to their office along with one month's proof of income and a recent bank statement (two months worth if you are applying for £,2500+). They will confirm your application and it will be passed to a loans officer for assessment. They will then call you and tell you their decision.

The process may in some cases take up to one week so this is not a good option for you if you need your money quickly. You cannot manage your loan online so every time you need to make a change, you need to contact them in writing. 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.

Hamilton Place
Monday to Friday - 10:00am to 4:00pm

Bathgate
Monday to Friday - 10:00am to 1:00pm then 1:30 to 4:00pm

[edit]Lending Criteria

Criteria:

Employment:
Full Time Work, Part Time Work, Temporary/Contract, Self Employed, Retired, Benefits, Education, Carer, Homemaker, Benefits - JSA
Residential Status:
Homeowner, Tenant, Tenant - Private, Tenant - Housing Assoc., Tenant - Council, Living with Family, Military Accommodation, Work Accommodation, Student Accommodation
Defaults:
Any number accepted
Time In UK:
At Least 3 Years
CCJs:
Any number Accepted
Loan Purpose:
Debt Consolidation, Home Improvements, House Purchase, Car Purchase, Car (Other), Holiday, Wedding, Boat, Business, Student Loan, Christmas, Other, Home Furnishings, Pay Day Loan

Checklist:

You don't need to have good credit
You must 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 need: one month's proof of income and a recent bank statement (two months worth if you are applying for £2,500+)
You must live or work in Edinburgh, The Lothians or The Borders to become a member