Since 1964, credit unions have existed to provide loans, savings and other financial services to their members on a not-for-profit basis.
Unlike a bank, a credit union doesn't operate to generate a profit - any surplus funds earned are used to pay running costs and provide benefits such as dividends on savings for their members.
Our members are our owners and have one share each in the Credit Union.
We believe that credit unions provide a credible and responsible alternative for loans and savings. Focusing on what people can afford, we put our members in control of their finances and encourage them to accumulate savings that improve their financial well-being.
Credit Unions are authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Savings from individuals and small organisations (such as businesses and charities) are protected by the Financial Services Compensation Scheme.
Every December, we hold a Annual General Meeting (AGM) for our members.
As our members are also our owners, this is their chance to hear how the Credit Union is progressing, vote on dividends, and decide who will serve on the Board of Directors.
You can join us online or at a branch. If you have any questions, or want to talk about the application process, please feel free to contact us.
The account will normally be opened the same day that we receive your application.
We will send you an email acknowledgement explaining the next steps. If you do not receive your email within two working days, please contact us by phone 01482 778 753.
You must be:
a) a member of Hull & East Yorkshire Credit Union/ Northern Lincolnshire Credit Union*,
b) aged over 18,
c) registered on the voters roll**,
d) have your own bank account that allows standing orders.
* When completing a loan application form, you will also be applying for Membership if you're not already a member.
** Doesn't apply to our Matched Loan.
You can apply online or in branch. Full instructions are supplied on each loan product page.
See 'Loan Applicants' in our Identification Requirements section.
Yes, for all loans other than our Matched Loan. Loans are assessed on an individual basis, taking 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.
Information on how we use Credit Reference and Fraud Prevention Agencies to check your credit history can be found here.
Normally it will take just a few days, much depends on how busy we are at the time. Please only contact us to chase your application if you haven't had a response within 10 working days.
Our Matched Loan offers a same-day instant-decision.
We have many types of loan available ranging from £100 to £20,000+. See our loan pages for further information on the product suitable to you.
All loans are to be repaid through your own bank account by bank standing order or direct debit, direct from Child Benefit or by payroll deduction.
We'll match your repayments at the same frequency you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).
We can transfer money to your bank account (often the same day as the loan agreement is signed), or by prior arrangement you may be able to collect cash from a branch. If the loan money is to pay particular bills, we can arrange to pay it direct.
With our Swap & Drop Loan the funds will be paid direct to the credit card or other bill that the loan is paying off.
Rates differ according to the loan product. See our loan pages for this information.
It is applied to your loan daily and calculated on the outstanding balance. This means that if you settle your loan early you will pay less interest.
Our loan terms range from one to ten years according to which rate your loan is on. See our loans for more info.
Statements are provided upon request, or you can check your transactions through your account online.
Yes. If you don't already have access to your account online, you can register. You can also register for our Mobile App.
Yes. In fact, we encourage it.
Get in touch with our Credit Control or Member Solutions team (01482 778 753) to discuss a reduced payment plan. Failure to keep up repayments could have a serious effect on your credit report.
Your loan may be covered by our Free Members' Death Benefit Scheme.