We currently don't have that product, but here are others to consider:
How we picked theseTo make it even easier to compare and evaluate unsecured loans we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How do My Community Bank loans compare against the competition?
See today's rates from across the personal loan market.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,500 to £25,000 |
| Loan terms | 1 year to 5 years |
| Loan rate type | fixed |
| Fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct debit |
While interest rates are fixed for the duration of your repayment period, the rate you’re offered may differ from the advertised “representative APR” which any lender is only obliged to award to 51% of its customers. Your personalised rate will depend on factors like your credit rating and your income, as well as the size and duration of the loan that you apply for.
The Annual Percentage Rate (APR) is a summary of the yearly cost of a loan. It takes into account both interest and any unavoidable charges you'll need to pay (for example an arrangement/product fee) over the duration of a loan. Because My Community Bank doesn't charge an arrangement fee, its APR comprises just the interest rate – and so they're one and the same.
However, the vast majority of lenders tailor rates (and therefore APRs) to the individual applicant. If they think you're a riskier bet, they'll offset that by offering you a higher APR. The "representative APR" (as defined by the Financial Conduct Authority) is what My Community Bank gives to at least 51% of those who take out the loan. The other 49% could pay more. My Community Bank must calculate APR in the same way as other lenders, and must tell you your personal APR before you sign a loan agreement.
My Community Bank advertises a representative APR of 0.0% on loans between £0 and £0 on the My Community Bank Personal Loan.
You can check your eligibility using the form above. You should only apply for a My Community Bank personal loan if you’re certain you can meet the repayment terms. You must also:
My Community Bank typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that My Community Bank considers. However, if you don't have a high credit score, you're very unlikely to get approved for a My Community Bank loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Yes, My Community Bank offers instant decisions online in most cases. (Occasionally, more information may be required.)
Yes, My Community Bank allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, My Community Bank also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan. There's no penalty for repaying ahead of time, but bear in mind that any overpayments may be subject to up to 2 months of interest beyond the date on which you overpay. Because of this, it may work out cheaper to run a second loan alongside the first, rather than consolidating the 2.
Yes, you can make overpayments without incurring any penalty fee. However, My Community Bank can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
If you've decided that a personal loan from My Community Bank is right for you, you can head over to My Community Bank's website to apply. Completing the secure online application form usually takes about 15 minutes. In most cases My Community Bank will give an instant decision. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
Once you’ve checked your eligibility for a My Community Finance loan, simply:
My Community Finance is the trading name of Amplifi Capital UK Ltd, and part of My Community Bank. It’s a network of “ethical lenders”, including credit unions, that aims to give everyone, including those with less-than-perfect credit histories, access to fairly priced and ethical personal loans.
Through its My Community Finance Network, My Community Bank offers personal loans of £1,500 to £25,000 payable over 1 year to 5 years and uses a “soft” search of your credit history, which will not affect your credit score.
Personal loans from My Community Bank can be suitable for a huge range of purposes from medical or vet fees to home improvements, a new car or furniture. If finding a large amount upfront is difficult, a competitively priced and ethical personal loan from My Community Finance could help.
My Community Finance has received positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.8 out of 5, based on more than 4,600 reviews (updated February 2024). Customers praised its simple, easy-to-use service and quick loan process.
Find out whether a personal loan from Finio Loans could work for you.
Abound (formerly Fintern) is a UK lender that promises to offer borrowing “reinvented”, with affordable tailored loans.
Calculate the cost of an MBNA personal loan and see how much you can borrow today.
The super-popular UK challenger bank Monzo now offers flexible personal loans to existing users.
Borrow £5,000 to £25,000 with a competitive fixed rate personal loan from AIB. Find out how other lenders compare.
Find out more about Admiral unsecured personal loans of between £1,000 and £25,000. Get an instant decision and enjoy a fixed rate with no setup fees.
Novuna (formerly Hitachi) Personal Finance is not a bank – it’s a simplified, online finance provider from Japan that makes instant decisions on personal loans. Check out whether Novuna could be the yin to your financial yang.
See how to get a personal loan with the innovative lender Zopa, and get the latest Zopa loan rates, in our review.
Find out all you need to about personal loans from 118 118 Money. Fast simple comparison with a range of UK lenders.
Compare Halifax fixed-rate personal loans against products from a range of UK lenders. Apply online and secure a competitive rate.