My Community Bank Loans Review
My Community Bank Loans ranging from £1500 to £25000, for a period of 12 to 60 months.
The rate a client around is 5.8% – 25.22% APR representative.
My Community Bank is one of the best service providers especially when it comes to lending loans. Being a credit union, it aims at providing the most affordable loans and excellent services. They provide a customer based banking offering various loan types that can be used for clients personal needs.
My Community Bank Loans Personal
My Community Bank is one of the best lender in UK. They offer loans ranging from £1500 to £25000, for a period of 12 to 60 months. The minimum rate a client can be offered is 5.8% APR while the maximum is 25.22% APR representative.
However, these rates are subject to change with time according to the bank’s policy. The repayments are on a fixed monthly basis. Customers can apply through an online process that is easy and takes less time. There is no hidden or arrangement fee. The My Community Bank Loans are given based on a client’s financial status after an assessment.
Benefits of Choosing My Community Bank
There are many advantages that a client gets to enjoy at My Community Bank.
Some of the benefits of My Community Bank Loans
- Low rates-most of the banks offer loans at a high rate but My Community Bank has cheap rates making it easier for customers.
- Lower fees-there is no extra fee that is needed to be paid such as admin or arrangement fee.
- They have the best services that cater for the customer’s satisfaction and make the whole process simple.
- An advantage to the customer’s finances is that they only lend what borrower can pay back thus reducing debts.
Calculations of My Community Bank Loans Repayment
Different treatment to the clients are according to their personal financial ability. This also applies for the application.
The minimum rate is 5.8% APR and the highest APR is 25.22% at My Community Bank. Assuming a client borrows an amount of £5000, which repayment for a period of three years, with a 9.9% APR representative, a monthly repayment of £160.11 the total amount repayable will be £5764.02.
Loan Application Process
All borrowers need apart from their personal details is a bank account so as to complete their application. After submitting the required information, it is checked together with clients credit history. They might also ask for bank statements or payslips.
This is to determine whether the application will be accepted or otherwise. If accepted, customers get an agreement that should be signed online. Thereafter, the money deposit directly to borrowers account.