Credit unions often offer smaller loans at lower interest rates than those designed for people with bad credit. Credit unions can, by law, only charge a maximum of 3% a month (42.6% APR) in England, Scotland and Wales and 1% in Northern Ireland (12.68% APR). They usually lend for up to ten years if the loan is unsecured, and up to seven years if the loan is secured, although some let you take out a secured loan for up to 35 years.
These loans can be helpful for people with bad credit and sometimes offer options to pay loans back weekly rather than monthly. However, you’ll have to be a member of a credit union for a certain period of time in order to apply for a loan and some require you to build up some savings beforehand.