My Home Finance
Summary
Good:
Will lend to anyone as long as you can prove you have some form of income
Bad:
You have to attend an interview at one of their branches before they decide to lend you
Verdict:
Government scheme launched in the Midlands area to help people who can't get loans anywhere else - better than doorstep lenders
My Home Finance is a new and unique way of getting credit. It was set up by the National Housing Federation (supported by the Government, Royal Bank of Scotland, Wates Giving and other housing associations in the West Midlands) and is a social enterprise, this means it is not for profit and any money made is then offered out as loans to help more people. Only offer a small loan range of £100-£500.
To apply, you must visit your local branch (Birmingham City Centre, Dudley, Erdington, Tamworth, Coventry, Hereford, Worcester, Wolverhampton or Walsall) and attend a 45 minute interview so they can determine if you will be able to afford your repayments. Most importantly they don't rely just on credit ratings. If yours is bad but you demonstrate to My Home Finance that you can afford the repayments, they will lend to you.
This can be a really good alternative to door-to-door or pay day lenders as the APR is generally a lot lower. The loan schemes they offer are pretty similar to that of credit unions but you don't have to live in a certain catchment area to use the service. Lack of offices nationwide make it difficult for customers in areas that My Home finance do not operate in, however they are looking to open more stores soon.
How much will it cost to repay a My Home Finance?
500
100
12
1
69.5
100
1
months
100
12
Loan Calculator (Representative 69.5%APR)
Loan Amount £
Loan Term months
Monthly Repayment
£
Total Repayment
£
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Customer Reviews (10)
"Great. Had no problems"
c scott , COVENTRY
I had a great service from application to payout, very friendly team. Can be hard to get through by phone so i just popped to my local branch. Would and have recommended.......
I had a great service from application to payout, very friendly team. Can be hard to get through by phone so i just popped to my local branch. Would and have recommended.......
"CANT GET THROUGH!!!!"
AMY , BIRMINGHAM
i have been trying to ring the Birmingham branch for over 2weeks!!! left numerous messages!! e-mails!! and even gone to the store!!! nothing!! have they closed down??? rang other stores, still no joy!!!!! what the hell is going on??!!!
i have been trying to ring the Birmingham branch for over 2weeks!!! left numerous messages!! e-mails!! and even gone to the store!!! nothing!! have they closed down??? rang other stores, still no joy!!!!! what the hell is going on??!!!
"dont know why i bothered."
louise , erdington
went to erdington branch and as above was given the spanish inquisition about how come i spent this and so forth on my statements also right in the middle of the shop. Paid the admin fee £20 and all was fine while i was paying back. i tried to get in touch a month before my loan was due to finish and was told they would call me back still waiting 3 weeks later. had my direct debit sent back for some reason this week and is finished in couple of weeks so have rang about 12 times trying to make the payment and not one of the numbers is answering!? completely unprofessional, rubbish and id rather just pay the extra little bit of interest to wonga who i never have had probs with!
went to erdington branch and as above was given the spanish inquisition about how come i spent this and so forth on my statements also right in the middle of the shop. Paid the admin fee £20 and all was fine while i was paying back. i tried to get in touch a month before my loan was due to finish and was told they would call me back still waiting 3 weeks later. had my direct debit sent back for some reason this week and is finished in couple of weeks so have rang about 12 times trying to make the payment and not one of the numbers is answering!? completely unprofessional, rubbish and id rather just pay the extra little bit of interest to wonga who i never have had probs with!
"Simplciity"
Johnny F , Coventry
Have used them over a year ago, when called MHF, they have recently been taken over by some other company, had DD reset and letters in post. Loan setting up was easy, the Loans Officer was polite, freindly and even let me print my bank statements there on their printer, what bank lets you do that? The only caveat I have i the 'upfront' admin fee, would have thought this could be done a better way. Can be nightmare to contact, evidently very busy loan book I gues, downside is they operate office hour, so if like me you work, you have to take time off, no Saturday is a bit off and they'd probably double trade if they did as the footfall where the branch is situated is bang in the centre of a main shopping area, relatively private, small shop front next to Lloyds TSB, blink and you'll walk past it. Only do loan by DD, no doorstep callers and all relevant info apr etc is explained up front. I suppose for families that would think of taking a payday loan or going for an option of major purchase via say, Brighthouse (again eye watering APR's) this is a really good option and the loan I had was not far above a standard store card on the APR, when you consider Payday lenders are usually over 1700%, similar for Brighthouse, Provident over 200% APR. In summary, easy, efficient, staff seem well braced on subject of loan and issues, need to plan time to get in if working, so only downside, and latest change of ownership too me several weeks to be able to book appt. 8/10 - if they open Saturdays and have a more fluid system for appts. I'd have given a great big 10/10. Coventry branch seems the one to go to from what other reviewers say.
Have used them over a year ago, when called MHF, they have recently been taken over by some other company, had DD reset and letters in post. Loan setting up was easy, the Loans Officer was polite, freindly and even let me print my bank statements there on their printer, what bank lets you do that? The only caveat I have i the 'upfront' admin fee, would have thought this could be done a better way. Can be nightmare to contact, evidently very busy loan book I gues, downside is they operate office hour, so if like me you work, you have to take time off, no Saturday is a bit off and they'd probably double trade if they did as the footfall where the branch is situated is bang in the centre of a main shopping area, relatively private, small shop front next to Lloyds TSB, blink and you'll walk past it. Only do loan by DD, no doorstep callers and all relevant info apr etc is explained up front. I suppose for families that would think of taking a payday loan or going for an option of major purchase via say, Brighthouse (again eye watering APR's) this is a really good option and the loan I had was not far above a standard store card on the APR, when you consider Payday lenders are usually over 1700%, similar for Brighthouse, Provident over 200% APR. In summary, easy, efficient, staff seem well braced on subject of loan and issues, need to plan time to get in if working, so only downside, and latest change of ownership too me several weeks to be able to book appt. 8/10 - if they open Saturdays and have a more fluid system for appts. I'd have given a great big 10/10. Coventry branch seems the one to go to from what other reviewers say.
"no problems at all"
Cherelle , Birmingham
I don't have the best credit history in the world and was even considering not going to my appointment because I thought I'd get turned down. But I went anyway and by the end of it I'd been fully approved, paid the £25 admin fee and the money was in my account 2 days later just in time to help me pay my bills. Would definitely use again and would recommend them.
I don't have the best credit history in the world and was even considering not going to my appointment because I thought I'd get turned down. But I went anyway and by the end of it I'd been fully approved, paid the £25 admin fee and the money was in my account 2 days later just in time to help me pay my bills. Would definitely use again and would recommend them.
"fake reviews"
Mark Fowler , Walsall
The last two reviews are fake, my home finance do not have a presence in Hampshire or south yorkshire - i have had a personal loan interview in the walsall branch, and in simple terms, staff are inexperienced and rude, no financial experience, no privacy in branches, better off trying somewhere else !
The last two reviews are fake, my home finance do not have a presence in Hampshire or south yorkshire - i have had a personal loan interview in the walsall branch, and in simple terms, staff are inexperienced and rude, no financial experience, no privacy in branches, better off trying somewhere else !
"Not helpful, Arrogant attitide"
Mary , Worcester
Went for an interview for a loan at the Worcester branch. No privacy, everyone in near vicinity knew all about you by the time you left. Treated as if on trial for some major crime, interviewer became very personal, basically wanted to know what I spent every penny on that I drew out of my account.. This plae is meant to be for people who battle to get a high street loan, and to stop people using loan sharks. If all their interviewers treat the customers like I was treated, I can't see it working. No high street lender treats or speaks to their customers like I was spoken to and treated, and I know this because I do have a loan with a high street lender.
Went for an interview for a loan at the Worcester branch. No privacy, everyone in near vicinity knew all about you by the time you left. Treated as if on trial for some major crime, interviewer became very personal, basically wanted to know what I spent every penny on that I drew out of my account.. This plae is meant to be for people who battle to get a high street loan, and to stop people using loan sharks. If all their interviewers treat the customers like I was treated, I can't see it working. No high street lender treats or speaks to their customers like I was spoken to and treated, and I know this because I do have a loan with a high street lender.
"Really difficult to get hold of"
David , Sheffield
Because there arn't many stores about Ive found that My Home Finance isn't the best as whenever I have had any problems I have had trouble getting in touch with them. This was true when I was applying and found that the nearest branch was a good 2 hours away. I eventually decided that it was more trouble than it was worth for £500.
Because there arn't many stores about Ive found that My Home Finance isn't the best as whenever I have had any problems I have had trouble getting in touch with them. This was true when I was applying and found that the nearest branch was a good 2 hours away. I eventually decided that it was more trouble than it was worth for £500.
"I really like this company"
Jason A , Wells
There are two main reasons why I went with My Home Finance over other lenders available to me. Firstly there is an actual set finish date to your loan if you make the repayments on time which makes it nice and simple. The second point is their APR is so much cheaper than the door step lenders, hopefully there will be more stores soon.
There are two main reasons why I went with My Home Finance over other lenders available to me. Firstly there is an actual set finish date to your loan if you make the repayments on time which makes it nice and simple. The second point is their APR is so much cheaper than the door step lenders, hopefully there will be more stores soon.
"Really helpful friendly people"
Corrine , Liphook
I had been struggling with door to door lenders crazy APR rates for a while. When I heard this scheme was starting in my area I went along to see what they could offer me, I only needed a £500 loan and they offered me a reasonable 29.9% APR. This has allowed me to pay off other door to door lenders and manage just one easy repayment.
I had been struggling with door to door lenders crazy APR rates for a while. When I heard this scheme was starting in my area I went along to see what they could offer me, I only needed a £500 loan and they offered me a reasonable 29.9% APR. This has allowed me to pay off other door to door lenders and manage just one easy repayment.
Help other customers - write a review
Loan Details
APR
28.62% - 115.87%
Representative APR
69.5%
Loan Amount
£100 - £500
Repayment Period
Minimum Term 1 month
Loans up to £500 - 1 year
Loans up to £500 - 1 year
Repayment Method
Transferred into your bank account (if you don't have a bank account they will help you open one)
Speed to Payout
3 - 5 working days
Arrangement Fee
5
Payment Holidays
None available
Income Protection Available
No
Average Customer Review
Acceptance Criteria
- You don't need to have a perfect credit history
- It doesn't matter how long you've lived in the UK
- You need to have a bank account with Direct Debit facilities, but if you don't have one, they'll be happy to help you open one
- It doesn't matter if you are employed or unemployed
- You need to provide evidence of income (wage slips, benefits credits, etc.) and proof of address (tenancy agreement, utility bill, etc.)
- You need to be 18 years of age or older to apply
Charges
Default Fees
- None – they just take it into consideration when you apply for your next loan
Early Settlement Fees
- None - just pay the loan interest up until that day
Late Payment Fees
- None – they just take it into consideration when you apply for your next loan
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