Members Loans
Sometimes you need to borrow more than you have deposited with MBCU. Because this presents a greater risk to MBCU, we charge a higher interest rate than for Rainy Day loans.
- Borrow up to 3 times your current balance with MBCU.
- Repay within 5 years, sooner if you wish.
- Repay weekly or monthly.
- Interest rate 2.0% per month (26.89% APR).
How much will it cost?
It depends how much you borrow, and for how long. For example:
- Borrow £2500 and repay in 24 months: this will cost about £132 per month and you'll pay about £3170 in total
- Borrow £1000 and repay in 12 months: this will cost about £95 per month and you'll pay about £1135 in total
Outline terms & conditions
- You must have been a member of MBCU for at least 13 weeks.
- You must complete a standing order to repay the loan weekly or monthly, or must fix a day/time to repay in-person each week or each month.
- You must complete a Members Loan Application Form Click Here to Download Form 1 and then Click Here to Download Form 2.
- You must provide evidence than you can maintain the monthly payments for the agreed term of the loan.
- We reserve the right to charge a non-refundable fee of £4 to check for CCJs.
- You may be asked to speak to us over the phone or attend a face-to-face meeting to help us decide whether to offer a loan.