Family loan – To be eligible, you must provide proof that you are in receipt of child benefit. A family loan is payable direct to us from your child benefit and may not  be credit checked. Upon signing your loan agreement, we send a letter out to the child benefit office and have your child benefit paid to us instead, then we deduct the amount for your loan repayment and holding saver, and any remaining funds are placed into your Share 1 account. If you’d like these placed to a different savings account or sent to your bank directly, just let us know. The maximum amount for a first time family loan is £500, or £750 if you’ve had a previous family loan with us. Interest rates on a family loan are 42.6% APR.

Personal loan – A personal loan is suitable for anybody who is not in receipt of child benefit, and needs a loan from £100 – £2,999. Personal loans are credit checked, and are payable via either benefits, direct debit or standing order. Interest rates on a personal loan up to £2,999 are 42.6% APR. Personal loan 3k+ – A personal loan 3k+ is only for existing members who require a loan from £3,000 – £7,500. Personal loan £3k+ are credit checked, and are payable via either benefits, direct debit or standing order. Interest rates on a personal loan 3k+ are 26.8% APR.

Salary Saver Loan – a personal loan exclusively for those working for one of our Salary Saver partner employers. Repayable via deduction from your payslip. Loan interest rates range from 12.68% to 26.8% APR.

All loans are subject to affordability checks and include £3/week or £12/month Holding Saver. Interest is charged on the reducing balance.

If we’ve reviewed your application for a personal loan, then you cannot apply for a family loan for the next 6 months, as we have to take your credit report into consideration. You can still continue with your personal loan application, and set up a standing order to us to make your repayments.

If you have been declined a loan with us due to your credit score you cannot apply for any loan product for at least 6 months.

After 6 months, you can apply again.

This depends upon the size of your defaults, and whether or not you are working to address them. If you have been advised on prior applications to address your credit report and you continue to not do so then your application may be declined.

Please note that while we value your interest, we cannot guarantee the approval of any loan application. Each application is meticulously reviewed by our Loans Officer, who considers a variety of factors to ensure responsible lending.

Here are some important points to consider:

Affordability Assessment: We evaluate your income, expenses, and overall financial situation to determine if the proposed loan repayments would place an undue financial burden on you. This helps us ensure that we do not contribute to potential financial hardship.

Credit History: Your credit report plays a significant role in our decision-making process. Instances of missed payments, arrears, defaults, Individual Voluntary Arrangements (IVAs), or County Court Judgments (CCJs) can impact the outcome of your application.

Employment Status: We assess the stability of your employment or benefit status to ensure you have a reliable source of income to repay the loan.

Documentation: Providing complete and accurate documentation, especially proof of income, is crucial for the assessment of your application. Inadequate or missing documentation can hinder our ability to approve a loan.

Application Completeness: Ensuring all sections of the application are filled out accurately and completely is essential. Incomplete applications or inaccurate information can affect our assessment process.

Existing loan or arrears: You may have not paid down enough on your existing loan to be eligible for a top up loan or you may have a outstanding arrears with us.

Gambling Activity: Any gambling activity that exceeds our regulated threshold may affect our ability to extend credit, as we adhere to strict guidelines to promote financial stability.

If your financial circumstances change or improve, you are welcome to reapply in the future. We will review your application promptly and consider it based on the most recent financial information provided.

Already borrowed from DCB? A Top-Up Loan lets you borrow additional funds on top of your existing DCB loan, giving you access to extra money without applying for a completely new loan.

You can apply for a top-up once you have repaid approximately one-third (33%) of your original loan. For example, if your loan was £500, you could request a top-up after repaying around £167.

For More information, go to https://www.dcbank.org.uk/loan/top-up/

Members can make additional loan repayments to reduce their loan balance at any time. However there is no guarantee that a new loan application or loan top-up will be approved. We prefer to see consistent and regular loan repayments in accordance with the loan agreement.

If you would like to pay more than your minimum payments you are able to do so, just let us know how you want the additional funds allocated to your loan. There are no fees for doing so. However when considering loan applications we do consider previous loan repayment history and prefer consistent payments in accordance with the agreed loan agreement.

Yes, there no fees for settling your loan early. Send a Message in the App or internet banking to request this. You can transfer funds from your Share Account or Holding Saver. If you don’t have sufficient funds in your DCBank accounts, then you can send the amount via bank transfer, quoting your membernumbesurname as the reference.

However please be aware that we prefer to see regular loan payments in accordance with the loan agreement. Inconsistent loan repayments may affect future loan offers from DCBank.

Most loan decisions are within 2 – 3 working days. You will be notified by email with the loan offer with any Money Health Check guidance. Our loans team will be in touch if they require further information to progress your loan application.

Christmas Period – Please note that this is a busy time of year, so we appreciate your patience while we process your requests & loan applications.

Your loan term is the amount of time you will be making repayments. For loans up to £1,000 the maximum term is 12 months. The maximum term for all other loans is 60 months (5 years).

Call us on 01332 348144 to discuss your account and circumstances. We will work with you to find the best solution to make your repayments and maintain your financial wellbeing. There are options available to support you and help you stay in control.

If you’ve missed a payment, then you could end up repaying more due to the interest that’s charged on the outstanding loan balance. If you repay your loan early, then you will pay less interest overall.

Interest is calculated on the decreasing loan balance and is charged daily at the rate set out in your loan agreement.

A Holding Saver account is our way to help our Members save regularly. We understand that it is hard to save and build up financial resilience so as part of our loan contract you agree to save £3 a week or £12 month in addition to your loan repayment. This is secured against your loan until the loan is settled or the Holding saver balance exceeds the loan value. When the loan is completed, you have access to your Holding Saver. Many of our members prefer to keep their Holding Saver secure, as an easy way to grow their savings.

Once the balance in your holding saver is higher than your remaining loan balance, you can use the funds in your holding saver to pay off your loan early! However please be aware that we consider previous loan repayment history as part of our loan application process.

Simple answer is ‘no’.

If you have entered into an individual voluntary arrangement (IVA) then you are restricted to borrowing no more than £500 without obtaining permission from your insolvency practitioner. DCBank is not able to lend while an IVA is outstanding.

You are very welcome to join us and save regularly, just a small amount every week or month soon build up into a useful fund for when you need it.

Citizens Advice has an article that explains the things to think about when considering an IVA

IVAs are a legally binding form of debt management that work by freezing your debt for a fixed period, usually 5-6 years. During that time you must commit to paying a monthly amount towards your debt. After the fixed period, any money you still owe will be cancelled but only if you have made all your agreed payments and not been in breach of your agreement.