My Community Bank grew from Brent Shrine Credit Union, which was registered in 1980 under the Credit Unions Act. Their Common Bond is to cover individuals with an occupation within minor groups of the Office of National Statistics.
To be eligible to become a member of My Community Bank you have to follow an occupation or be a member of one of the organisations associated with their common bonds.
Their personal loans are offered on an individual basis with an assessment of personal financial circumstances.
Topics
Personal Loans
My Community Bank was commended for the Moneyfacts Non-mainstream Loan Provider of the Year award. The bank continues with their objective to fight financial exploitation and are committed to helping more and more people access affordable finance as they continue to grow.
The rates offered by My Community Bank may be subject to change, meaning the representative APR may not be the rate that is offered to the customer on application.
Personal Loans range from £1,500 to £25,000 for payment terms ranging from 12 to 60 months.
The rate the customer will be charged for this type of loan will be between 5.9% APR and 42.6% APR, with 42.6% being the maximum APR you could be charged from My Community Bank.
My Community Bank has an easy to complete online application process that gives customers an instant decision on their application.
Credit Unions charge no arrangement fees for the personal loans and My Community Loan guarantee that there are no hidden fees when a customer takes out a loan.
My Community Bank Savings Accounts are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.
The customer’s credit score will not be impacted by filling in My Community Bank’s online form.
A representative example from their partner My Community Finance is a loan of £8,000 to repay over 60 months with a representative APR rate of 17.09%. Each month the customer will pay £194.03.
The customer’s total repayment over 60 months will be £11,641.80. This includes the £3,641.80 interest at 17.09 and no fees.
The total amount of credit the customer will receive is £8,000.
To apply for this loan the customer must:
- Be aged 21 or over
- Live in the UK (this excludes Northern Ireland, Channel Islands and the Isle of Man)
- Earn at least £18,000 (either through monthly, weekly or self-employed pay)
When the customer has received a personalised rate My Community Finance will send a loan agreement. The customer’s details may be checked and 0n rare occasions, they may ask for more information.
Once everything has been agreed, the money should be transferred in four working days.
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Savings
My Community Bank is working with the Community Finance Network to provide access to savings accounts with Credit Unions and ethical lenders that are part of their network.
Credit Unions can offer the same financial product as a bank, but Credit Unions are much cheaper for customers who cannot access the best rates from banks.
My Community Finance introduces customers to their network of Credit Unions. Credit Unions are not-for-profit mutual organisations that are owned by the people who use their services – each customer of the Credit Union is a member of and owns an equal share in the Credit Union.
As this is a membership structure, all members have an equal vote in the decisions that are made by the Credit Union. They charge no arrangement or early repayment fees and the customers only pay back what they borrow.
My Community Finance only lends what the customer is able to afford to pay back as one of their aims is to break the cycle of debt.
The customer can apply for a savings account through My Community Finance to grow their capital.
The customer has the option to choose their fixed rate product of:
- 6 months Fixed Term – 0.75% AER (Annual Equivalent Rate)
- 1 Year Fixed Term – 1.36% AER
- 18 Months Fixed Term – 1.37% AER
- 2 Year Fixed Term – 1.38% AER
- 3 Year Fixed Term – 1.39% AER
Savings accounts offered by credit unions within their network are protected by The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.
In order to apply for a savings account the customer will need to meet the following criteria:
- Aged 18 or over
- Have a UK address (excluding Isle of Man)
- Eligible to become a member of credit unions in the Community Finance Network
The customer can become a member by meeting the below criteria:
- Being a member of an applicable trade union or association (e.g. Co-op, National Trust, UNISON)
- Having an occupation that matches the membership requirements
- Sharing a household with an existing member of My Community Bank or Castle Community Bank
The Credit Unions do not currently offer joint savings accounts.
My Community Bank Reviews and Ratings
My Community Bank have mostly positive reviews, but the number of reviews across sites are limited which makes it difficult to examine how representative the reviews truly are. They have received reviews on Trustpilot and Google Reviews.
My Community Bank does not currently have a Facebook page for their customers.
They do have a Twitter account with 203 followers, but it does not appear to be active or have been updated in years.
Their reviews on Trustpilot are overwhelmingly positive and praise the easy and straightforward nature of the application for their loan. They also praise the team working at My Community Bank for being kind and helpful and working with the customer to find the best interest rate and loan for them, despite their credit rating.
Some customers found difficulty with communicating with My Community Bank and weren’t satisfied with the customer service they received through My Community Bank.
Trustpilot – 4.7/5 (Based on 750 reviews)
Google Reviews – 3.2/5 (Based on 12 reviews)
Pros
- Community-based
- Competitive rates offered
- Positive reviews though a minimal number
- Credit rating not impacted from search
Cons
- Limited information available through their site
- A potential interest rate of 42.6%
- A limited number of reviews
If you’re looking to compare offers on personal loans, then let HouseholdQuotes help you find the best loan available for you!
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