Can I pay back a large loan early?

With our credit union partners, you can pay back your loan in full before the end of your loan term, however there may be an additional charge for this. However, you can repay your loan fully without incurring any fees if you do this within 14 days of the day you received the loan agreement.

APR stands for annual percentage rate and is a figure used to help you understand the total cost of a loan, including the interest rate and any additional fees or charges. All loan providers must tell you what the APR of your borrowing will be before you sign a credit agreement.

When will I get my money?

Once we have all the information we need from you, we’ll review your application. We’ll aim to get you a decision within 2 working days. If everything is okay, you’ll get your loan within an additional working day. So that’s 3 working days in total from applying to receiving your loan. It’s easy to keep track of your application using our customer portal.

How do you decide my loan rate?

In summary, we look at hundreds of data points together with the information you provide us. We then give you a personalised rate based on your individual circumstances. The rates we give you are non-negotiable.

Large Loans

Representative example: A loan of £5,000 over 36 months will cost you £204.54 per month at a representative 30.8% APR. Total amount repayable will be £7,363.28 which includes £2,363.28 interest at 27.2% pa (fixed). The total amount of credit you'll receive is £5,000.00.

My Community Finance is a credit broker, not a lender.

What is considered a large loan?

The answer isn’t straightforward because what’s considered a large loan isn’t the same amongst all lenders.

The two credit unions we work with, My Community Bank and Castle Community Bank, offer unsecured personal loans up to £25,000.

Large loans are used for various purposes, such as consolidating debt, financing a major purchase or home improvements.

How do I get a large loan?

You can apply for a loan with one of our credit union partners online. The amount they’ll be able to offer you will depend on your personal circumstances.

To be eligible for a loan with one of our credit unions, you’ll need to be:

Between the ages of 21 and 65
Living in the UK (excluding N.Ireland, Channel Islands, Isle of Man)
Employed and earning at least £18,000 a year

How much does a large loan cost?

The cost of a large loan will vary depending on several factors, including the size of your loan, the interest rate, and your circumstances, such as your credit history.

Your interest rate may be higher or lower depending on your credit score, income and borrowing history.

You can use our loan calculator to determine approximately how much your monthly repayments could be on a large loan with one of our partner credit unions.

Alternatively, you can request a personalised quote to check whether you are likely to be accepted and the interest rate you would be offered.

Using our loan calculator or getting a personalised quote will not impact your credit score.

What can I use a large loan for?

A large loan can be used for a variety of purposes, such as:

Home improvements

A large personal loan can fund things like repairs to your home, purchasing new windows, or remodelling your bathroom or kitchen.

Debt consolidation

Large loans can be used to pay off high-interest debts such as overdrafts, store cards and credit cards, helping you to save money by paying lower interest rates on a single monthly repayment.

Major purchases

Large loans can help to pay for a new car, motorbike or computer.

Family holidays

If you want to take your family abroad on holiday and need help to fund flights, a large loan can help to make your trip a reality.

Paying for a wedding

Weddings can be costly, and a large loan can help to spread out the financial burden.

Education

A large personal loan can be used to help pay for students to get through university by paying for things like laptops, books and living expenses or to pay for course fees where other forms of funding are unavailable.

It’s essential to carefully consider whether you need a large loan and be sure it’s the right financial decision before applying for one.

Can you get a large loan with bad credit?

Getting a large loan may be more challenging if you have a bad or poor credit score because you’ll be seen as riskier to lend to. However, getting a large loan with bad credit is still possible, although you may have to pay higher interest rates.

The two credit unions we work with can be more flexible than traditional banks when it comes to lending and may be willing to work with you if you have a ‘fair’ or better than fair credit rating.

If you do decide to apply for a loan, it’s important to make sure you can afford the monthly repayments, and it’s also a good idea to work on improving your credit rating over time so you can get access to better interest rates in the future.

Here are some steps you can take to help improve your credit score:

Register to vote - Being on the electoral roll helps to prove where you live
Be a responsible borrower - Paying your bills on time will help to build your credit rating.
Keep your credit card utilisation low - Try to spend no more than 25% of your credit card limit.
Avoid withdrawing cash on your credit card - Doing so harms your credit rating.
Check for mistakes on your credit report - Mistakes do happen, so it’s important to check your credit report regularly. You can do so for free using websites like Experian, Clear Score and Credit Karma.
Don’t make several applications for new credit in a short period of time - Every time you apply for credit, it will affect your credit score. Try to limit the number of applications for credit applications you make to one every six months.
Consider using a credit builder credit card - If you have little or no credit history, a credit builder credit card can help you build or improve your credit score. These cards are designed to help borrowers improve their credit by making small repayments each month.