Matched Loan



  • Features
  • How To Apply
  • FAQ
  • Terms & Conditions

Need to access some money but don't want to dip into your hard-earned savings? If you have over £1,000 saved with us, we can offer you a Matched Loan!

The Matched Loan allows you to borrow any amount equal to your balance (£1,000+) – at a very competitive rate!  Just agree to leave savings in your account equal to the amount of your Loan balance as security.  As your Loan balance reduces, your secured savings are freed up too.  You can apply for this loan alongside one of our other loan products if you wish.

Apply now

  • Borrow up to £25,000
  • 4% APR interest rate
  • Same day decision
  • No credit checks or affordability checks
  • No restrictions on 'top-ups'
  • No hidden fees, charges or early repayment penalties
  • Interest is only charged on the reducing balance

You can apply for a Matched Loan at a branch, over the telephone, or by email.  You'll need to have your own current account and a minimum of £1,000 in your savings before applying.



Complete the online application form.



Complete the application form.



Speak to our friendly team on 01482 778753 - Option 2.


Email / Post 

Complete the application form and return it to us.


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 a Matched Loan?

You must be: a) a member of HEY Credit Union (HEYCU), b) have over £1,000 in your Credit Union saver accounts, c) agree to leave a minimum of savings in your account equal to your Matched Loan balance, d) aged over 18, e) have your own current account.

How can I apply for a loan?

Complete the Matched Loan application form and return it to us.

Do I need to prove my income?


Do I need to be employed to apply for the loan?


Do you do a credit check?


How long does it take to make a decision?

You will normally receive a response shortly after we receive you application form.

How much can I borrow?

Up to the maximum amount of unpledged savings.

When can I apply for another Matched Loan?

Once you have over £1,000 in savings that’s not already pledged to an existing loan.

Can I apply for the Matched Loan if I already have another HEYCU loan?


Do you offer joint loan accounts?

Not currently.

How do I repay my loan?

All loans are to be repaid through your own bank account by bank standing order or direct debit, or by payroll deduction.

How often must I make repayments?

According to the frequency of when you receive your income. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly).

How do I collect my loan money?

We can transfer money to your bank account. If you wanted to use your loan money to pay any existing credit or bills, we can arrange to pay these for you.

What interest do I pay?

4% APR

How is interest applied?

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.

What term do I pay my loan over?

Up to ten years.

Are there any penalties or hidden charges for clearing my loan off early?


How often will I get a statement?

Statements are provided upon request, or you can check your balance by registering with us on our website.

Can I still save with the Credit Union if I have a loan?

Yes. We encourage members to save regularly.

What if I miss a payment?

HEYCU hold the rights to deduct your loan payments from your savings.

What if I cannot afford my repayments?

Get in touch with our Credit Control department to discuss a reduced payment plan. Failure to keep up repayments could have a serious effect on your credit report.  

Updated 27.9.17

All loans provided by HEYCU 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 Matched Loan with HEY Credit Union, the Borrower will sign a Loan Agreement which sets out the following terms and conditions:

1) The Borrower will repay the Loan that the Lender has advanced them, plus interest.

2) The Borrower will continue to make repayments until the Loan and any interest on the Loan due to the Lender have been repaid in full.

3) 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.

4) The Borrower agrees to inform the Lender immediately of any change to their financial circumstances which may affect their ability to repay the Loan or of any change in their address.

5) If the Borrower fails to pay any amount due to the Lender under the Loan 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.

6) The Borrower agrees to be liable for all costs, charges or expenses of whatever nature of recovering any sums due under the Loan Agreement.

7) 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.

8) 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.

9) We, as the Lender, may use credit reference and fraud prevention agencies to help us make decisions. If you would like to read the full details of how your data may be used please see our Privacy Policy

10) The Borrower agrees that the balance held in their Secured Savings Account, up to the value of the outstanding Loan will be attached to this Loan and may not be withdrawn. Withdrawals of any balances in excess of the outstanding Loan (less £1), or held in other savings accounts, may be made. 

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 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.