£6,000 Loans

What do I need to apply for a £6,000 loan?

My Community Finance works with credit unions to provide fair, affordable loans. 

Credit unions are not-for-profit organisations, meaning any profit made from interest by providing loans is returned to its members through better interest rates or reinvested back into the union to further improve their services.

To be able to borrow £6,000 from one of the credit unions we work with, you’ll need to meet the membership criteria. Membership criteria varies between credit unions - the two credit unions My Community Finance partners with accept new members from almost all fields of employment, as well as those who are part of organisations like the National Trust or the Co-op. 

When you apply for a £6,000 loan via our website, we’ll match you with the credit union that suits your personal circumstances the best.

Am I eligible for a £6,000 loan?

In addition to becoming a member, you’ll also need to meet the following eligibility criteria:

• Be between the ages of 21 and 65
• Be employed and earn £18,000 a year or more
• Live in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man)

Whether or not you’re able to borrow £6,000 will depend on credit rating and affordability checks that will be performed by the credit union when you apply. 

How long can I borrow £6,000 over?

Our partner credit unions offer personal loans between £1,000 and £25,000 over 12-60 months. When you fill in the online loan application form, you’ll be asked how much you want to borrow and how long for. 

Opting for a longer loan term could bring down your monthly repayments, but it will also increase the overall cost of the loan because the longer your loan term, the longer you’ll be paying interest.

When thinking about applying for a loan, it’s vital you carefully consider how much you can afford to repay each month and how long it will take you to repay the full amount.

How much would a £6,000 loan cost?

The overall cost of a £6,000 loan from one of our credit unions will depend on two main factors - your interest rate and loan term. 

Your loan term will impact the total cost of your loan as you’ll have to pay interest over more time if you borrow over a longer period. 

You can use our loan calculator to get an idea of how much your loan will cost and how changing the loan term will affect your monthly repayments and overall cost. 

It’s important to remember the loan calculator should only be used as a guide - it uses a representative APR, which shows how much interest our partner credit unions charged new customers on average over the last few months.

When you apply for a £6,000 loan with one of our partner credit unions, you’ll receive a personalised interest rate based on your personal circumstances. This may be different from the representative APR used in the loan calculator, and the overall cost of your £6k loan may be higher or lower than the example provided. 

How do I get a £6,000 loan?

You can apply online for a £6,000 loan with one of our credit unions using our simple online form. Here’s a guide to the application process:

First you need to decide over what time period you want to pay your £6,000 loan back. The credit unions we work with offer payback periods from 12-60 months.

You’ll then request a personalised quote. To provide you with this, we’ll perform a soft credit check which won’t affect your credit score, and only you’ll be able to see a record of it on your credit report.

If you pass the eligibility criteria set by our partner credit unions, we will let you know the APR you will be offered on your £6,000 loan - your personalised quote is valid for 30 days. 

We will then send you a loan agreement, alongside terms and conditions of the loan contract, for you to review to ensure this £6,000 is the right product for you. Once you have read and are happy with the terms of the loan you’ll sign your loan agreement.

To complete our final checks, we will then conduct a hard credit search on your credit report, which other lenders or any organisation with access to your report will be able to see. 

The credit union will aim to make a final decision about your personal loan within two working days. If successful, you should receive your £6,000 within approximately four working days of your application.

What can I use a £6,000 loan for?

A £6,000 loan from one of our credit unions could be used in a variety of ways. You may be looking to consolidate your high-interest debts into one affordable monthly repayment or for help covering unexpected expenses, such as building work or car repairs. 

You could also use a £6,000 loan to spread the cost of a new car, family holiday or buying new furniture for your home. You may also be looking to fund smaller home improvements, like redecorating or a new bathroom. 

How quickly can I get a £6k loan?

In most cases, the credit unions we work with will aim to have the money in your account within four working days - there may be circumstances when this could be longer. 

The credit union will aim to get you a decision on your £6,000 loan application within two working days and get the money to you within another two working days.

Can I get a £6,000 personal loan?

All of the loans offered by the credit unions we work with are unsecured personal loans between £1,000 and £25,000 over 12-60 months. Unsecured loans don’t need to be guaranteed by an asset, such as your home. 

Assuming you meet all the eligibility criteria and pass the credit and affordability checks, then you would be able to apply for a £6,000 personal loan. 

Can I get a £6,000 loan with bad credit?

Experian, Equifax and TransUnion are the main credit reference agencies in the UK. Each have their own scoring system, but with all of them, you’ll fall into one of four categories:

• Bad
• Fair
• Good
• Excellent

The credit unions we work with offer loans to people with a ‘fair’ credit rating or better. It’s a good idea to check your credit score regularly with websites and apps, such as ClearScore, Experian and Credit Karma, where you can check your credit score for free.

If you have a bad credit rating and suspect your loan application may not be successful, you may want to consider trying to improve your credit score before applying for a £6,000 loan.

Here are some tips on how you can boost your credit score:

• Register to vote - being on the electoral roll helps to prove where you live. 
• Avoid making multiple credit applications in a short period of time - try not to make more than one application for credit within a six-month period, as this can appear to lenders that you’re having financial difficulties. 
• Pay on time - Make sure you pay all of your bills and credit repayments on time and in full; this demonstrates to potential lenders that you’re a reliable borrower.
• Check all the information on your credit report is correct and up-to-date - if you do spot any errors, let the credit agency know as soon as possible.
• Try not to use credit cards to withdraw cash - to lenders, withdrawing cash from a credit card looks like you’re in financial trouble. 
• Keep your credit utilisation low - Aim to keep your credit utilisation below 25%

Can I repay a £6,000 loan early?

If you want to make early repayments or pay your loan back in full before the end of your loan term, you can. However, the credit unions we work with may have an additional charge for this, so it’s important to consider if this will end up costing you more. 

If you’ve changed your mind about borrowing, you can repay your £6,000 loan fully without incurring any fees if you do this within 14 days of the day you received the loan agreement.