Rainy Day Loans


Sometimes you need to borrow but don't want to use up your savings deposited with MBCU. This might be to cover Christmas, for birthdays, for a holiday or for some other reason. If you keep enough in your MBCU account to cover the loan, we call this a Rainy Day loan and we charge a lower interest rate for these.

  • Borrow between £XX and £YY.
  • Repay within 5 years, sooner if you wish.
  • Repay weekly or monthly.
  • Interest rate 2% per month (26.8% 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 £132.18 per month and you'll pay £3172.27 in total
  • Borrow £1000 and repay in 12 months: this will cost £94.56 per month and you'll pay £1134.72 in total

Outline terms & conditions

  • You must have been a member of MBCU for at least 13 weeks.
  • You can borrow up to the amount you have deposited with MBCU.
  • Whilst the loan is being repaid, you must keep more than you owe in your MBCU account.
  • 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 Rainy Day Loan Application Form Click Here to Download.
  • 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-redundable 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.