1. If you are already a member, open your phone app, click on the three lines at the top and follow the instructions to apply. Alternatively you can apply through our website here. If you are not yet a member, you can apply here on our website, which will start by leading you through the membership process.
2. During the application process you may be asked to allow access to your bank information using Open Banking. Please allow this, as it will speed up your application.
3. When our team receive your application, they will assess your application using a combination of the following:
   a. Your recent credit history
   b. Your financial situation, gathered from the Open Banking information. If you have not allowed this access, we will ask you to complete a separate Income and Expenditure statement. Please complete this accurately, as we are likely to come back to you for more information to validate the figures.
   c. Your previous savings and borrowing history with Acorn Community Bank
4. You should receive a response to your application within three working days. If we need further information regarding your identification, bank account or income/expenditure statement, we will ask you – this will, inevitably, slow down the process.

Loan Decisions

Loan decisions are made against criteria that consider affordability, credit history and borrowing history with Acorn Community Bank.  If we do need to decline a loan application we will explain why and may suggest action you can take to improve your financial situation. There is often financial assistance available for free and borrowing money is not always the best answer.  This page [link to “Are you getting the right help”] gives information about some of this help available.

There are a number of reasons why we may reject a loan application and here are just a few:

• Credit Report – To better understand your financial situation, a credit report provides a one-off snapshot of your credit history. When you apply for a credit product, your credit report contains financial information lenders take into consideration when making a decision on your application. Acorn Community Bank uses information provided by TransUnion.  You may view your own credit report on their site, and see exactly the same information that we see.  We tend to concentrate on your more recent history, including defaults, county court judgements and use of credit facilities.
• Affordability – if we cannot see that you can afford the loan repayments, then we will decline your application.  Please use the calculator on our website to ensure you are receiving the benefits you are entitled to.  if you are already borrowing elsewhere then this may cause more problems and make things worse for you. These other debts could include Buy Now Pay Later Schemes (which many people do not realise is borrowing).  If you are struggling to make ends meet, then please seek professional advice.
• Applying too early for your top-up – please check the rules for top-ups on the individual product pages.  If you apply too soon for a top-up, you are likely to be refused.  We want to encourage our members to borrow money for specific purposes, not to continually carry forward their loans.