Low-cost revolving credit for our payroll members that keeps you in control
If you needed some emergency funds, say for unexpected car repairs or a broken down boiler, where would you turn? Our handy low-cost Flexi Credit gives you fast access to a pre-approved credit limit, when you need it most. It's also cheaper than most arranged overdrafts these days.
You can apply for Flexi Credit online, over the telephone, by email or at a branch. Your employer must be one of our Payroll Partners and you must pay us by payroll deduction.
Complete the online application form.
Speak to our friendly team on 01482 778753 - Option 2 (Mon-Fri 10 am to 3.30pm).
Complete the application form and return it to us.
Complete the application form.
All loans provided by HEY Credit Union are subject to status and our lending policy. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised.
Who can apply for Flexi Credit?
You must be: a) employed by one of our Payroll Partners (a list can be found on our website), b) a member of HEY Credit Union, c) aged over 18. New members must have made at least one regular payment via payroll deduction before a loan application can be considered.
What are the credit limits and repayments?
| Loan amount | Interest rate | Monthly Repayment |
|---|---|---|
| £500 | 19.6% APR | £20 |
| £1,000 | 19.6% APR | £40 |
| £1,500 | 19.6% APR | £60 |
| £2,000 | 19.6% APR | £80 |
How can I apply for Flexi Credit?
Complete the online or downloadable Flexi Credit application form and return it to us.
Do I need to prove my income?
As part of the application processing we may ask you to provide proof of regular income such as a recent bank statement and/or pay slip.
Do you do a credit check?
Yes. As a responsible lender we will check your credit history with a Credit Reference Agency to help us make our lending decisions.
How long does it take to make a decision?
We aim to provide a decision on your Flexi Credit application within five working days.
What’s the credit limit?
At present you can request a credit limit of £500, £1,000, £1,500, or £2,000.
When and how can I withdraw from my Flexi Credit?
Any time you wish to. Simply telephone, email or send us a message on the web App to request a Flexi Credit Withdrawal and we will transfer the funds to your bank account the same or next working day.
What’s the minimum withdrawal I can make on my Flexi Credit?
£50.
Can I apply for the Flexi Credit if I have a HEYCU loan?
Yes. We will consider each application on its merits.
Do you offer joint Flexi Credit accounts?
Not currently.
How much will my repayments be?
Repayments are calculated based on your credit limit and will stay fixed no matter how much you withdraw from your Flexi Credit account. This will be reflected on your Credit Agreement.
How do I make repayments on my Flexi Credit?
Directly from your wage or salary with our Payroll Deduction Scheme.
How often must I make repayments?
Repayments are made at the same frequency as you get paid, normally monthly or weekly.
When do my repayments start?
We don’t request a repayment while your credit limit remains untouched. Once you make your first withdrawal, we will request a repayment by payroll deduction.
How do I make repayments if I leave my employment?
As you will still be liable to make your repayments, you will need to select an alternative method of payment such as bank standing order or Direct Debit.
Can I continue to withdraw from my Flexi Credit if I leave my employment?
Yes, provided you are making your regular repayments as agreed.
What interest do I pay?
19.6% APR.
How is interest applied?
It is applied to your loan daily and calculated on the outstanding balance.
What term do I repay my Flexi Credit over?
There is no maximum term as this is a revolving credit account. The account will be subject to review every 2 years and you will be able to apply for a new Flexi Credit Agreement. We reserve the right to withdraw the facility at any time.
Can I change my credit limit?
Once your credit limit is approved, you can only apply to increase it after 12 months..
What happens if I close my Flexi Credit account?
The outstanding balance will become repayable and restrictions on further withdrawals will apply.
Are there any penalties or hidden charges for closing my Flexi Credit account?
No.
How often will I get a statement?
Statements are provided upon request.
Can I still save with the Credit Union if I have Flexi Credit?
Yes. We encourage members to save regularly.
What if I miss a payment?
We hold the rights to deduct your Flexi Credit payments from your savings.
What if I cannot afford my repayments?
Get in touch with our Credit Control/Member Solutions Team (01482 778753 - option 3) to discuss a reduced payment plan. Failure to keep up repayments could have a serious effect on your credit report.
Updated 9.2.24.
All loans provided by HEY Credit Union are subject to status and our lending policy. Applicants must be aged over 18. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised. To find out more about how we use your data to help us make decisions on loans please read our Privacy Policy.
What are its key features?
Low-cost revolving credit for our payroll members that keeps you in control.
If you needed some emergency funds, say for unexpected car repairs or a broken down boiler, where would you turn? Our handy low-cost Flexi Credit gives you fast access to a pre-approved credit limit, when you need it most. It's also cheaper than most arranged overdrafts these days.
- Credit limits from £500 to £2,000
- 19.6% APR (only pay interest on the amount you withdraw)
- Fixed repayments
- No hidden fees, charges or repayment penalties
- Withdraw from your Flexi Credit again and again; freeing up more credit as you repay it
- Free bereavement protection policy (see terms and conditions).
What is the purpose of a Flexi Credit Account?
- To help you cope with unexpected expenses by giving fast access to a pre-approved credit limit at an interest rate cheaper than typical bank overdrafts.
- To provide you with a handy revolving credit facility that avoids the need to make multiple personal loan applications.
A Flexi Credit Account could be suitable if:
- You make regular deposits of at least £40 per month to HEY Credit Union by payroll deduction.
- You would like a revolving credit facility of up to £2,000 that can be accessed at need but only attracts interest charges when it is used.
- You want the option of making savings deposits alongside your loan repayments.
- You may want to settle your loan early without any penalty fees.
- You are under 70 and want free bereavement protection cover included.
A Flexi Credit Account is unlikely to meet your needs if:
- You want a credit facility of more than £2,000.
- You are in Bankruptcy or have a DRO, IVA or DMP.
- You are unable to commit to a regular payroll deduction of at least £40 per month (or bank standing order).
- You want a credit card or large personal loan.
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