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My Community Bank has been commended for the non-mainstream loan provider of the year 2021 at the Moneyfacts Consumer Awards in January 2021. Analysts at Moneyfacts reviewed the loans available from non-mainstream lenders to create a shortlist. These then went forward to a public vote to decide the winners, highly commended and commended brands.
David Hendrick, CEO of My Community Bank said “We’re very proud to receive this recognition. Many thanks to all of the customers who voted for us in this category, and to our hard working and dedicated colleagues who made this possible.
“My Community Bank has the objective of fighting financial exploitation. We want to continue to offer a great experience to our members, and we’re committed to helping more and more people access affordable finance as we grow.”
My Community Bank is a credit union, meaning it does not operate to make profit for shareholders, but instead is owned by those taking loans and holding savings accounts with them. Credit unions exist to help all sorts of people access finance without having to resort to loan sharks or expensive pay day lending. They offer loans from £1,500 to £25,000. There are no arrangement fees to pay. Loans can be applied for online.
My Community Bank is a credit union and those applying for a loan will need to meet its membership criteria, that may include being a member of a trade union or other organisation such as the Coop or National Trust, or working in a particular industry or sector. Those applying for a loan from My Community Bank use an eligibility check to make sure they qualify for a loan and do not affect their credit score unnecessarily.
Loans are available from between £1,500 up to £25,000.
No, My Community Bank does not charge any arrangement fees and offers a transparent process to all fees.
My Community Bank has grown from a credit union called Brent Shrine Credit Union registered in 1980. The credit union aims to help fight financial exploitation and to widen access to finance for the community.
Moneyfacts also reviews unsecured loans to identify those with the best levels of cover. The best ones are given a five-star rating.
Read more about five-star rated unsecured loans.
Use our loans calculator and see how much you could afford to borrow each month.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?
The decision could have an effect on your savings, ISA, mortgage, and disposable income.
The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.
The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.
In an attempt to combat the rising cost of living, homeowners are increasingly looking for ways to lower their energy costs – and one option that’s growing in popularity is installing an air source heat pump. But could it be worth considering?
Homeowners are increasingly looking for ways to lower their energy costs – one option that’s growing in popularity is installing an air source heat pump.
The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?
The decision could have an effect on your savings, ISA, mortgage, and disposable income.
The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.
The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.
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