My Community Bank personal loans review 2020

My Community Bank connects borrowers to ethical lenders such as credit unions through its Community Finance Network.

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Save time by checking whether (or not) you’ll be approved with multiple lenders and get rates based on your credit score.

Compare My Community Bank loans

Name Product Total Payable Monthly Repayment Representative APR Link
My Community Bank Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 23.9% p.a. (fixed). Representative APR 23.9% and total payable £13,678.20 in monthly repayments of £379.95.
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Please 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.

My Community Bank loan rates at a glance

The My Community Bank Personal Loan charges 23.9% APR representative on loans between £1,500 and £25,000. My Community Bank offers the loan with repayment terms between 1 and 5 years and applicants can apply to borrow from £1,500 to £25,000.

Overview of features

Loan type Unsecured Personal Loan
Loan amounts £1,500.00 to £25,000.00
Loan terms 1 Year to 5 Years
Loan rate type Fixed
Product 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.

Am I eligible for a My Community Finance 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:

  • Be aged 21 or over
  • Live in the UK (excluding Northern Ireland, Channel Islands and Isle of Man)
  • Earn at least £18,000 per annum (it doesn’t matter if you’re paid monthly, weekly or are self-employed)

What credit score do I need to get a My Community Bank loan?

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 will consider, 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, 420 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.

Do My Community Bank loans give an instant decision?

Yes, My Community Bank offers instant decisions online in most cases (occasionally more info may be required). First, you can use the soft search eligibility checker to find out your chances of getting approved (this won't affect your credit score). Then, if you opt to go ahead and apply, you'll get an instant answer. My Community Bank can also offer same-day funding of your loan.

Can I get a second My Community Bank loan?

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 two 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 two.

Can I make overpayments on a My Community Bank loan?

Yes, you can make overpayments without incurring any penalty fee. However My Community Bank can continue to charge interest for up to two 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.

How do I apply?

First, you can use this eligibility checker to find out if you'd be likely to get approved for a My Community Bank loan . This won't impact your credit score.

Once you’ve checked your eligibility for a My Community Finance loan, simply:

  1. Choose “Apply”.
  2. Sign the loan agreement.
  3. You should then receive your money within four working days. If My Community Finance needs further information from you, it will get in touch before this point.

What is My Community Finance?

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 Community Finance Network, My Community Bank offers personal loans of £1,000 to £25,000 payable over 12 to 60 months 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.

Frequently asked questions

Finder.com has selected Accepty Technology Ltd to provide details of credit products and whether you may be eligible to get them. Accepty Technology Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 839295). Accepty is acting as a credit broker, not a lender, and may receive a payment from a credit provider if you take out a credit product.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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