You can apply for a Credit Union Loan online, at a branch, or over the telephone.   

Online

Complete the online application form.

We may ask you to provide proof of your income and (for non-members) identification at a later stage.  If you have these documents to hand, there is an opportunity to upload them when you apply.

We’ll also ask existing members for their active email address. If it’s not the same as the one registered on your CU account, you’ll need to update it with us first.

In-branch

Step 1: Provide proof of your income.  Non-members may be asked to provide two or three acceptable items of identification.

Step 2: Complete the application form.

Telephone 

Speak to our friendly team on 01482 778753 - Option 2  (Mon-Fri 10 am to 4 pm)

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 Credit Union Loan?

You must be: a) aged over 18, b) registered on the voters roll, c) have your own current account, and d) apply to join HEY Credit Union if you aren't already a member.

How can I apply for a Loan?

Complete our online application form, or alternatively, download and print the Loan Application (and Membership Form if you aren't already a member. If you’re not already a member, you may also be asked to provide at least two acceptable proofs of identification.) 

What will you need as a proof of my income?

If you receive:

- Benefits - Your most recent Universal Credit Award Notice (if applicable) and a recent bank or Post Office statement, showing at least one months’ worth of transactons.

- Wages (employed) - Last three payslips and a recent bank statement showing at least one months’ worth of transactions.

- Self-employed income/ Student grant income/ Bursary income – Please speak to us before making an application.

Do I need to be employed to apply for a Loan?

No, as long as you can provide proof of regular income as stated above.

Do you do a credit check?

Yes. Each Loan application is assessed on an individual basis and takes 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 is supplied separately on request and on our website.  

Do I have to save with the Credit Union to get a Loan?

We may be able to offer you a better loan rate if you agree to “pledge” your savings with us (although this is not a condition when we offer you a Loan). If you do agree to “pledge”, we will require you to save at least £10 per month (£2.50 per week) alongside your Loan payment, into your Membership Account. Your Membership Account will be “pledged” to the Loan, which means that you cannot withdraw from it until your outstanding Loan is less than the amount in the account (the difference may then be drawn). You can also have additional and separate Instant Access Accounts which you may draw from at any time.

How long does it take to make a decision?

Once your application is complete with all supporting documents, we aim to make a decision within 5 working days. It may take a little longer at busy times such as Christmas and holiday seasons.

How much can I borrow?

You can apply for a Loan from £100 to £20,000.

When can I apply for another Credit Union Loan?

You can reapply once you have repaid one third of your existing Loan by regular instalments. 

Do you offer joint Loan accounts?

Not currently.

How do I repay my Loan?

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

How often must I make repayments?

At the same frequency as 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, or, by agreement in advance, you may be able to collect cash from a branch. If you want 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?

Credit Union Loan rates start at 6.5% APR and are capped at 42.6% 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.

What if I cannot afford my repayments?

Get in touch with our Credit Control department without delay to discuss a reduced payment plan.

Failure to keep up repayments could have a serious effect on your credit report and ability to obtain future credit.

What about insurance?

We don’t offer insurance as such, but your Loan may be covered by our free Members' Death Benefit Scheme. 

Updated 8.8.18

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 Credit Union 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. 

We can offer some of our members a better Loan rate if they agree to ‘pledge’ their savings until their Loan is repaid. The terms and conditions below will apply in those circumstances.

When taking up a Credit Union Loan (with pledged savings) 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 Membership Account, including any deposits made after the date of this agreement, 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 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.

Glossary

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.