My Community Bank Loan

My Community Bank Loan

There are so many reasons why people need to get a loan. Financial emergencies don’t always appear when people are expecting them. As a matter of fact, financial emergencies usually knock the door when one is least expecting them. Whether one is single, a couple or a family, unexpected things happen – the washing machine stops working, the car won’t start or someone gets seriously sick. There’s no money available and a My Community Bank Loan sounds like a lifeline.

In earlier times, when in dire need of some money, people used to visit money-lenders. Today, all such emergency cash requirements are met by personal loans. A personal loan can help one through a tight spot. One should do the research before to apply for loan because each lender has their own set of requirements which one must comply with.

My Community Bank Loan comes from 3 credit unions who together formed the My Community Bank Network. The bank is a network of credit unions.

Opening an account with the My Community Bank is easy and is done on their website – mycommunitybanknetwork.co.uk. One simply fills in some personal information with the online form, and according to where one lives, he/she will be directed to the relevant credit union. Once the applicant has signed and submitted, he/she gets a copy of the signed agreement in an email.

With a My Community Bank Loan, the applicant decides on how much money he/she wants to borrow. Application is quick and all one basically needs is their bank account information. If the applicant lives in England, he/she will be assigned to the correct member of the My Community Bank network and if one is from Scotland, it will be to Castle community Bank.

My Community Bank Loan Options

My Community Bank offers personal loans of £1,000 to £25,000 and these loans are payable over 12 to 60 months. An applicant can use the tool on the website to calculate the interest of a My Community Finance loan. The loan and interest rate is dependent on personal circumstances. Interest rates range from roughly 5.9% APR to 42.6%APR.

The All-Important Credit History

My Community Bank will then check the applicant’s credit history. According to this he/she will be Accepted, Referred or Declined. If the loan application is referred, and the applicant passed the credit check requirement but the bank will require some additional information to complete their review regarding the application for a loan.

They could ask for things such as:

• Identification number
• Monthly income and expenditure details
• Proof of income

My Community Bank Loan Funds Deposited within a Day

Everybody wants to see the word ‘Accepted’. If this is the message the applicant received, they will be directed to electronically signing the Loan Agreement and the Direct Debit Mandate. Once this is signed, the funds requested are transferred into the applicant’s bank account – not in a week but within one working day.

Getting a loan approved quickly like that means the applicant can attend to his/her emergency quickly, which can be a life-line when one needs to get out of a tight situation.