Derbyshire Community Banks FAQ’S

Any Questions not answered? Call 01332 348144 & speak to our team!

Frequently Asked Questions

What is the eligibility criteria to join? 

To join Derbyshire Community Bank you must live or work in Derbyshire.   

How do I sign up? 

Sign up by clicking here: https://www.dcbank.org.uk/register/  

How do I activate my membership? 

Once you’ve signed up, just send over £1, once we receive it your account will be active and you’ll be able to save with us or apply for a loan. 

How do I apply for a loan? 

Just visit: https://www.dcbank.org.uk/loan/ or apply via the app under Account Management.  

If you’re not already a member, you can sign up and apply at the same time!  

Check our FAQ on loans to decide which is the right loan for you. 

How do I change my information? 

You can do this via our App or call us on 01332 348144. We may require evidence of your change e.g. utility bill.  

Loans 

Which loan product is right for me? 

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 is not 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 or a standing order to ourselves. 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 or a standing order to ourselves. Interest rates on a personal loan 3k+ are 24% APR. 

All loans are subject to affordability checks. 

I meant to apply for a family loan, but I applied for a personal loan, what can I do? 

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.   

I was declined due to my credit score, when can I reapply? 

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. 

I have defaults on my credit score – will this stop me getting a loan? 

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.  

I have an existing loan but I need to borrow more, what can I do? 

Providing you have made the minimum payment requirements you can “top-up” your existing loan with us. The minimum requirements for each product are stated below: 

Family loan – 15% of your original balance must be repaid for new members  

Family loan – For current members, at least £100 must be repaid 

Personal loan – 15% of your original balance must be repaid 

Personal loan 3k+ – 25% of your original balance must be repaid 

Can I make a one-off payment to apply to top my loan up? 

We do not allow one-off payments in order to be eligible for a top-up, your contractual payments must reduce the balance.  

Can I repay more than my contractual repayments? 

Yes! If you would like to pay more than your minimum payments you are able to do so, just let us know you want the additional funds allocated to your loan. There is no additional charges for doing so.  

Can I repay my loan off early? 

Yes! There is no additional fees for doing so, just call us on 01332 348144, and let us know this is what you wish to do, we can send you a debitcard payment link or send us the amount via bank transfer.  

How long does a loan decision take to be made? 

A decision should be made on your loan within 2 – 3 working days. Our loans team will be in touch if they require further information, or a decision has been made.  

What is my loan term? 

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). 

What is a Holding Saver? 

A Holding Saver account acts as a security against your loan. You pay £2 a week in addition to your loan repayment. At the end of your loan you then have access to your holding saver, where you can either transfer to your Share 1 account and keep saving – or withdraw to your bank account.

Can I use my Holding Saver to pay my loan balance?

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! 

I can’t make my repayments – what can I do? 

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.  

My total amount repaid is different than what’s on the agreement – why? 

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.  

How is interest calculated? 

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

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 Savings 

Which saving account is right for me? 

Share 1 – This is your main account, there must be a minimum balance of £1 to keep your membership active. 

General savers – (legacy account, will be transferred to Share 1 account) This is a savings account you can access all year round, with no limit on the amount of withdrawals, and just a £1 minimum balance to keep the account active.  

Christmas Savers – This is a locked savings account where you can only withdraw funds from 1st October – 31st January.  

Goal Saver – open an account in the App, create up to ten ‘pots’ for your saving goals: holiday, new car, new home, home improvements. Create a name for each of your saving Goals and choose an icon to remind you what you’re saving for! 

How do I open a savings account? 

When you join and make your first deposit your Share 1 account is created for you. Use the App or internet banking to open a Christmas Saver or Goal Saver account. 

Can I withdraw some of my Christmas Savings? 

You can only withdraw Christmas savings between 1st October – 31st January.  

Can I withdraw from my Share 1 savings? 

You can withdraw from your Share 1 savings anytime either via our app or by calling us on 01332 348144 

Savings Accounts

Are my savings safe?

Yes they are. DCBank is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered number 432447. Registered Company No. IP00730C on the Mutuals Register.

We are also part of the Financial Services Compensation Scheme (FSCS). This means that eligible savings held with us are protected up to a total of £85,000 per customer.  Read our FSCS information sheet here.

 

Corporate Savings

Who can apply for a Corporate Account? 

Derbyshire Community Bank accepts corporate memberships from organisations that are based in Derbyshire

How do I apply and what will I need in order to open a corporate account?

  1. Open a corporate account using the ‘join now’ form.
  2. We will contact you for verification of your organisation and appointed signatories
  3. We set up your account and issue your Membership number
  4. Deposit funds into your account

What are the Benefits?

  • Corporate Social Responsibility
  • Support local social enterprise
  • Dividend paid on savings (dependent upon performance and is not guaranteed. 1% paid in 2023)
  • Deposit up to £20,000
  • Your money is safe. For most organisations, your savings are covered by the Financial Services Compensations Scheme (FSCS)
  • Employee financial wellbeing – your people can join as a Member and enjoy the benefits
  • Payroll deduction – enable your employees to save directly from their payslip
Corporate Membership