My Community Bank is one of the best personal loan lenders in the UK. It was started to challenge financial exploitation by traditional lenders. Besides its low rates, it offers various loans to meet clients personal needs. Let’s take a look at My Community Bank personal loan in detail.
Benefits of My Community Bank Personal Loan
My Community Bank is under the Credit Unions Act; hence it offers clients lower rates on loans than banks. Its goal was to provide affordable loans and other financial services to all clients, fending off financial exploitation. This makes it easier for clients to access cheaper loans.
What’s more, the APR is fixed, meaning you’ll repay the same amount monthly until the end of the loan term.
No hidden fees
There are no arrangement or admin fees. The institution only offers clients what they can afford to borrow. This ensures you don’t struggle with your monthly repayments.
My Community Bank provides an easy online loan application process and instant decision. Besides, getting a quote won’t affect your credit score in any way. Like most lenders, you need to meet certain criteria to apply for a loan. To be eligible, you must be a UK resident, be at least 18 years old and have a UK bank, Credit Union or building society account.
Also, keep in mind the lender conducts checks to determine whether you qualify for a loan. Some of the checks include; identity, fraud, anti-money laundering and more.
Personal Loan Overview
My Community Bank personal loan range from £1,500-£25,000, repaid over a period of 1-5 years. The loan rate usually depends on your financial circumstance. So it varies based on a variety of factors, including credit score, how much you’re looking to borrow and so on. The bank, however, charges between 5.9% and 42.6% APR.
If you borrow £5,000 over 3 years at a representative rate of 18.95%, you will pay a monthly instalment of £183.15. The total amount payable will be £6,594.40.