Flexi Credit

  • Features
  • How to Apply
  • Our Payroll Partners
  • FAQ
  • Terms & Conditions

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.

Apply now

  • 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 Members' Death Benefit Scheme (terms and conditions apply)
  • Awarded 5* by the Fairbanking Foundation

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.


Email / Post 

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.

  • Hull City Council and associated organisations
  • East Riding of Yorkshire Council
  • North Lincolnshire Council
  • North East Lincolnshire Council 
  • Department for Work & Pensions
  • Hull College
  • St. Mary's College
  • Bishop Burton College
  • North Lindsey College
  • East Riding College
  • The University of Hull
  • Ongo/ North Lincolnshire Homes
  • Hica Group
  • Goodwin Trust
  • Humber Bridge Board
  • Neville Tucker Services Ltd
  • Lebus Upholstery
  • NHS Ambulance Services (East Yorkshire)
  • ResQ
  • South Holderness Resource Centre (SHoRes)
  • Wellington Care
  • Hull & East Yorkshire Mind
  • Dunlop Oil & Marine of Grimsby
  • TEC Partnership
  • Sewell Group

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?


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?


How often will I get a statement?

Statements are provided upon request, or you can check your balance using our web App.

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 Member Solutions team 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.

When taking up a Flexi Credit Loan with HEY Credit Union, the Borrower will sign a Loan Agreement which sets out the following terms and conditions: 

1) The Borrower declares that in consideration of the Lender advancing to them the sum of referred to in the Loan Agreement ("the loan").

2) The Borrower AGREES to repay the loan to the Lender and pay interest on the unpaid balance of the loan at a rate of 1.5% per calendar month (19.60% APR).

3) The Borrower AGREES to make regular payments as set out in the Loan Agreement to the Lender. These payments will continue until the loan and any interest on the loan due to the Lender have been repaid in full.

4) The Borrower has the right to settle the Loan early at any time by paying in full the balance of the loan and any unpaid interest outstanding. The Lender will, on request, provide the Borrower with a written statement of the sums which have been paid and which remain outstanding under the Agreement.

5) The Borrower AGREES to inform the Lender immediately of any material change in their financial circumstances which may affect their ability to repay the loan (for example, current employment ceases) or of any change in their address.

6) If the Borrower fails to pay any amount due to the Lender under this Agreement, or breaches any of its terms, the Lender has the right to demand early repayment of all of the balance of the Loan outstanding, together with any unpaid interest.

7) The Borrower AGREES to be liable for all costs, charges or expenses of whatever nature of recovering any sums due under this Agreement.

8) The Borrower AGREES that if they default on their repayments, information about their loan may be passed on to the Department for Work and Pensions for their consideration of deductions from the benefits that they are or will become entitled to.

9) The Borrower ASSIGNS to the Lender all paid shares held now or in the future in the Credit Union, as security for payment of the Loan and for interest or expenses which may be due and authorises the Lender to apply any or all such shares towards payment of the Loan, interest or expenses which are owed.

10) The Loan Agreement will be reviewed for renewal by the lender 24 months from the date of signing.

Credit decisions and also the prevention of fraud and money laundering
We may use credit reference and fraud prevention agencies to help us make decisions. A short guide to how both we and the credit reference and fraud prevention agencies will use your information is detailed in the leaflet called: A condensed guide to the use of your personal information by HEYCU and at Credit Reference and Fraud Prevention Agencies. If you would like to read the full details of how your data may be used please visit www.hullandeycu.co.uk or phone 01482 778753 or ask one of our staff. By confirming your agreement to proceed you are accepting that we may each use your information in this way.


Borrower - The member named on the Loan Agreement

Lender - HEY Credit Union

Loan - the sum that the Lender has advanced to the Borrower, plus interest

Shares - The amount in your savings account(s) with HEY Credit Union.



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© 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.