My Community Bank is one of the best personal loan lenders, the main reason being that they offer different loan types to meet a client’s personal needs and the loan rates are also low.
Why choose My Community Bank?
Banks normally offer loans at a higher rate. This inconveniences many people but with Credit Unions, a customer can get a loan at a cheaper rate. My Community Bank offers some of the best loan rates making it easier for clients to access.
No extra fee payment
A customer can only pay back what they borrowed. There is no payment for arrangement or even admin fees. My Community Bank aims to reduce and stop debts and that is why they lend only what a client can afford to pay back. An additional advantage is that the membership structure enables all the members to have an equal vote in any decision that is made by the credit union.
Personal Loan Details
My Community Bank’s personal loan is a fixed-rate loan that can be applied by an individual for their own use. The loan offered is as from £1,500-£15,000 for a period of certain months. The loan is offered according to your personal financial status based on an assessment. The loan rate which depends on the amount applied for ranges between 5.8% APR and 25.22% APR. However the rates are subject to change. The payment is done on a fixed monthly basis. There are no hidden fees or arrangement fees. A client can apply for loan through an online application process which has very easy steps and is fast.
For example if an applicant apply for loan of £5,000 repayable for a period of 3 years and the APR representative is 9.9%, the monthly cost will be €160.11 hence the total amount to be repaid will be £5,764.02.
How to calculate
All the clients are treated independently on basis of their individual financial ability. This applies even for their application. As earlier mentioned, the loan rates at My Community Bank are cheap and the highest APR a client can be offered is 25.22%.