Raiding guilds per time zone and loot rules

[Anxarcule]

I'm approaching the final (classic) hell level of 45 and would like to take part in raiding - more likely clearing fear trash for potential class armor (Wiz) but possibly also more involved raids depending on time allowance.

I'm located in GMT+2 and I hear that guilds have a rotation of sorts, so ideally I'd like to find an EU based guild that raids in the evening - gone are the days I can pop on whenever I like so I need to plan accordingly.

Also in general how do loot rules work in raiding situations? Last time I raided was in red and it was pretty laid back, but I remember hearing horror stories about blue (this was back in 2015). I imagine every guild is different, but that would probably be a deciding factor for me as I can't sit around for six hours doing nothing to gain points to be spent on raid gear - not knocking that system, just being realistic with what I'll be able to commit to