Methodist Chapel Aid is a Christian financial services company that provides lending to Christian churches and organisations. Founded in 1890, it is headquartered in York, United Kingdom.
Car loans can be taken out up to the value of £12,000 and can be repaid over a maximum of four years. The loan can represent up to 90% of the total price of the car and is repaid in equal amounts from the deacon’s monthly stipend.
Methodist Chapel Aid was founded over 125 years ago by William Hartley, a prominent Methodist. Its first office was opened in 1900. The company was renamed Methodist Chapel Aid in 2002 and further rebranded as MCA in 2015.
Methodist Chapel Aid Products and Services
Methodist Chapel Aid provides low-interest loans to trustees of Christian churches and savings accounts for individuals, churches and other Christian organisations. The company has an extensive Ethical Investment Policy, written in line with its Christian ethics; it does not invest in the arms, gambling, tobacco, alcohol or fossil fuels industries and does not serve companies involved in these industries, animal testing or intensive farming.
Methodist Chapel Aid has a range of deposit accounts including instant access accounts, fixed notice accounts and cash ISAs. There is also a deposit account available only to Methodist presbyters and deacons.
Methodist Chapel Aid also offers car loans, although these can only be taken out by Methodist deacons and presbyters and only if the car will help them carry out their work. Customers can only apply for these loans if they are full-time deacons/presbyters living in the UK.
Property loans are available for Christian churches needing to improve their building or facilities and can lend from £25,00 to £750,000 for building and improvement projects such as extensions or new builds. Rates of interest are kept as low as possible and there are no charges for repaying loans early.
Methodist Chapel Aid Security
Methodist Chapel Aid is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.