FAQs

General FAQs

1) What is a credit union?

Since 1964, credit unions have existed to provide loans, savings and other financial services to their members on a not-for-profit basis.

2) How is a credit union different to a bank?

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.

3) Are my savings safe?

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.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

4) Is my business kept private?

Yes. Everyone at the credit union with access to members personal data must act confidentially at all times. We observe the Data Protection Act 2018 (GDPR) and use the personal data you have supplied in strict compliance with our Privacy Policy.

5) What is the AGM?

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.

Joining Us FAQs

1) Who can join?

To join, you must live or work within our common bond area.

2) How do I join?

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.

4) How long does it take to open an account?

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.

Loans FAQs

1) Who can apply for a loan?

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.

2) How can apply for a loan?

You can apply online or in branch. Full instructions are supplied on each loan product page.

3) What can I use as proof of income for loans that require it?

See 'Loan Applicants' in our Identification Requirements section.

5) Do you do a credit check on loans?

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.

6) How long oes it take to make a decision on loans?

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.

7) How much can I borrow?

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.

9) How do I repay my loan?

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.

10) How often must I make repayments on my loan?

We'll match your repayments at the same frequency you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).

11) How do I collect my loan money?

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.

12) What interest do I pay on my loan?

Rates differ according to the loan product. See our loan pages for this information.

13) How is interest applied on my loan?

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.

14) What term do I pay my loan over?

Our loan terms range from one to ten years according to which rate your loan is on. See our loans for more info.

16) How often will I get a loan statement?

Statements are provided upon request, or you can check your transactions through your account online.

17) Can I access my loan 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.

19) What if I cannot afford my loan repayments?

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.

20) What about loan insurance?

Your loan may be covered by our Free Members' Death Benefit Scheme.

© Hull & East Yorkshire Credit Union | Registered under the Credit Union Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213620.