Need a Loan?

"The Credit Union offers affordable credit with you in mind"

A fantastic deal

We believe credit unions offer an excellent consumer credit deal - compare us for yourself – but do watch carefully for other lenders’ small print.

Why borrow from Hull & East Yorkshire Credit Union?

• Superb interest rates – borrow £100 over a year and you could pay less than £7.00 interest!
• You only pay interest on the reducing daily outstanding balance – not on the total amount borrowed, and it’s not “front loaded”, unlike some lenders.
• No hidden charges – no small print.
• No penalties if you want to repay early.
• We are happy to consider small loans – other High Street lenders may not be so keen!
• We take care to arrange weekly, fortnightly or monthly repayment terms that you can afford.
• Members’ Life Insurance is included (up to age 70) at no extra charge.
• Optional Payment Protection Insurance available at amazingly low rates.
• It’s an ethical way to borrow – all HEYCU money stays within the local community.
• It shows support for a local organisation owned by the people of Hull & East Yorkshire – no outside shareholders or City investors to please! 

All loans are subject to approval at the discretion of the Credit Union.

Which is the right loan for you?

To borrow from Hull & East Yorkshire Credit Union you must become a Member and you must be aged over 18.

• Are you a new Member or one who has not been saving regularly with us?  Then our Freedom Loan is the one to apply for.
• Are you already a Member who has been saving regularly (minimum £10 per month) with us for at least 3 months (13 weeks) and do you agree to continue saving alongside your loan repayments?   If so, our Personal Loan is for you

Loans Calculator

1. Freedom Loan

You can apply for this small affordable introductory loan as soon as you have been accepted as a Credit Union Member. Our Freedom Loan has helped hundreds of members to “break free” from high-interest lenders and costly doorstep credit.

Key features:

• Loans of up to £500
• Ideal for new members and those not saving with us regularly
• Interest rate – 2% per month (26.8% APR) on the reducing balance
• Fixed weekly, fortnightly or monthly repayments
• Covered by Members’ Life Insurance at no extra cost (terms and conditions apply)
• You can apply to renew when half the existing loan has been repaid by regular instalments
• No penalties for early settlement

Freedom Loan – Examples of weekly repayments

• Download Freedom Loan Application Form (1402.3kb)
• Download Freedom Loan Lending Guidelines (66.1kb)

2 Personal Loan

Our Personal Loan offers a very competitive deal for existing Members who have been saving regularly (minimum £10 per month) with Hull & East Yorkshire Credit Union for at least 3 months (13 weeks) and agree to continue saving alongside their loan repayments. 

Our current interest rates (from 1.8.09) are 12.7% APR for loans up to £4,999, 8.9% APR for loans £5,000 to £9,999 and 6.5% APR for loans of £10,000 and above.  These are very competitive rates, as they are charged on the reducing daily balance, so you can actually end up paying less over the term than on lower APR loans quoted by other lenders!

Key features:

• Loans up to £15,000 subject to approval
• Interest rate 1% per month (12.7% APR) on the reducing balance of loans up to £4,999; 8.9% APR on new loans of £5,000 to £9,999; and 6.5% APR on new loans of £10,000 and over (from 1.8.09)
• Fixed weekly or monthly repayments
• Members’ Life Insurance cover at no extra cost (terms and conditions apply)
• Optional Payment Protection Insurance (if eligible) at a small extra charge
• Continued saving is part of the deal, so that when your loan is paid off you will be better off than when you started
• No penalties for early settlement

Use our loan calculator web page to consider some options, or call us for a free quotation.  Here are just some examples (actual repayments may be rounded to the next whole 10p):

Personal Loan – Examples of monthly repayments

Personal Loan – Examples of weekly repayments

*Payment Protection Insurance

Our current rates for Payment Protection are:

• For accident and sickness (AS) cover – 4.33% or £4.33 per £100 of repayment.
• For accident, sickness and unemployment (ASU) cover – 6.76% or £6.76 per £100 of repayment.

The premiums are charged weekly or monthly and based on the value of the loan repayment.  They are not “front loaded”, so you don’t pay for insurance not taken if you repay early – check our premiums against other providers.

Please note: From 4 July 2008, the cooling off period during which you can change your mind about Payment Protection Insurance has been extended from 14 to 30 days after you sign your agreement or receive your policy.

• Download Personal Loan Application Form (1702kb)
• Download T&C Personal Loans (70kb)

3. HomeCheque Loan

We have teamed up with Hull City Council to help homeowners within the City organise their finances to make essential improvements to their home. This is a cashback loan that refunds all the interest paid once the eligible work to your home has been completed and your loan is fully repaid.

Key features:

• Loans up to £5,000, subject to approval
• Any repayment period up to three years
• Repay monthly or weekly with interest (maximum rate 12.7% APR)
• Members’ Life Insurance cover at no extra cost (terms and conditions apply)
• Optional Payment Protection Insurance (if eligible) at a small extra charge
• Interest refunded when loan fully repaid and work completed

You cannot apply directly to the Credit Union for a HomeCheque Loan. To check if you are eligible to apply please contact Hull City Council, Private Housing Section, Kenworthy House, George Street, Hull. HU1 3BR  Tel 01482 300300.   They will survey your home and check if you are eligible for any grants before referring you to the Credit Union to apply for a loan for any essential non-grant aided work.

How do we assess our loans?

Each loan is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Credit Union, credit history and so on.

Early Repayment in full

• There are no penalties for early repayment of a Credit Union loan. Simply deposit the required amount into your savings and complete a Share to Loan Transfer form to authorise your savings to be used to clear the loan balance.
• Please note that 6 working days are required for cheque clearance.  Interest will continue to be added daily until the cheque has cleared.
• If you wish to reduce your payments into the Credit Union once your loan is repaid, please request a form according to your method of payment. All funds received will be paid into your Share Account until your further instructions are received.

Next Steps

This all sounds great - how do I apply?

Just download the correct application form, complete it in full and send it to us with any proofs of income required. We aim to respond within 10 working days (often quicker).

Applications can be turned down. If we can’t approve your application we will tell you.

What happens next?

If your loan is approved, we contact you and ask you to sign a Loan Agreement. We can pay your loan direct to your bank account, by cheque or in “Say Shopping” vouchers. Or, if it’s to pay a bill (for a holiday, for example) we can pay it direct to the supplier on your behalf.
If you need to know anything else, just call our friendly team on 01482 778753. We are here to help.