The My Community Bank Personal Loan charges 27.1% APR representative on loans between £1,500 and £25,000. My Community Bank offers the loan with repayment terms between 12 and 60 months, and applicants can apply to borrow from £1,500 to £25,000.
To make comparing even easier 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.
To make comparing even easier 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.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,500.00 to £25,000.00 |
| Loan terms | 12 months to 60 months |
| 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.
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.) 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.
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.
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:
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 £1,500.00 to £25,000.00 payable over 12 months 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.
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.
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