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.
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 (Mon-Fri 10 am to 3.30 pm).
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?
No.
Do I need to be employed to apply for the loan?
No.
Do you do a credit check?
No.
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?
Yes.
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?
No.
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/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 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.
What are its key features?
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.
- 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
What is the purpose of a Matched Loan?
- To give you immediate access to funds up to £25,000 at a very competitive rate without depleting your hard-earned savings.
- To make available a source of low-cost credit, which could be used to support your family (for example home deposit, first car, educational needs), and is fully secured by your savings.
A Matched Loan could be suitable if:
- You have a savings balance with HEY Credit Union of at least £1,000.
- You want to borrow up to £25,000 at an affordable interest rate fixed for the period of the loan.
- You can make your repayments by bank standing order, Direct Debit or payroll deduction.
- You want the option of making savings deposits alongside your loan repayments.
- You would like a secured credit facility to help you improve your credit rating.
- You may want to settle your loan early without any penalty fees.
A Matched Loan is unlikely to meet your needs if:
- You do not wish to keep a savings balance with HEY Credit Union of at least £1,000.
- You are unable to commit to making regular auto repayments from your own bank account or wages.
- You want a credit card or revolving credit facility.
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