HEY Credit Union's YorEnergy Loan is an affordable option for the residents of York to help support their energy-efficient home improvements
As a not-for-profit organisation committed to supporting local communities, we are here to help you finance energy-saving measures and support making a positive impact on our precious environment. Apply today, and we’ll come back to you with the best possible offer.
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.
Qualifying products and services*
*According to the European Commission, green products and services should help save energy, be free of toxic compounds, be made of recycled or reused materials, be durable and easily repaired and minimise environmental impact during a product’s entire life cycle.
As this is a loan funding personal projects with environmental benefits, you will be asked to provide a quote of your qualifying purchase/service. Alternatively, we can arrange to pay your provider directly.
The rate, the repayment, and the amount of interest charged will be confirmed in your loan agreement. The rate offered will depend on our assessment of a number of factors including: loan amount, your personal circumstances, your credit history.
Who can apply for a YorEnergy Loan?
You must: a) live in York, b) be aged over 18, c) be registered on the voters roll, d) have your own current account, and e) 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.
What can I use the YorEnergy Loan for?
Qualifying products and services*
*According to the European Commission, green products and services should help save energy, be free of toxic compounds, be made of recycled or reused materials, be durable and easily repaired and minimise environmental impact during a product’s entire life cycle.
As this is a loan funding personal projects with environmental benefits, you will be asked to provide a quote of your qualifying purchase/service. Alternatively, we can arrange to pay your provider directly.
The rate, the repayment, and the amount of interest charged will be confirmed in your loan agreement. The rate offered will depend on our assessment of a number of factors including: loan amount, your personal circumstances, your credit history.
What will you need as a proof of my income?
If you receive:
- 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.
- Benefits - Your most recent Universal Credit Award Notice (if applicable) and a recent bank or Post Office statement, showing at least a months’ worth of transactions.
What other information will you need?
As this is a loan funding personal projects with environmental benefits, you will need to provide a quote of your qualifying purchase or service.
Do you do a credit check?
As a responsible lender, 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 HEY Credit Union, credit history and personal circumstances. 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 HEY 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 is my Loan money paid?
We can arrange to pay your provider direct, or transfer money to your bank account.
What interest do I pay?
The rate offered will depend on our assessment of factors such as: loan amount, your personal circumstances, your credit history.
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?
Over an agreed term 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 online by registering with us on our website.
What if I cannot afford my repayments?
Get in touch with our Credit Control/Member Solutions Team (01482 778753 - option 3) 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.
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.
Updated 11.2.2025
What are its key features?
Our YorEnergy Loan offers a simple, competitive way to help you achieve your environmental plans affordably.
With loans available from £100 to £20,000, it’s a safe and sensible way to spread the cost of a major purchase or project such as solar panels, battery storage, insulation, heat pumps, etc etc.
- Borrow up to £20,000 over periods up to 10 years
- Interest rates from as low as 6.5% APR (capped at 3% per month)
- Interest is only charged on the reducing balance
- We only lend amounts you can afford to repay
- Pay your loan off early without any penalty fees
- You can choose to save as you repay your loan
- Free bereavement protection policy (see terms and conditions).
What is the purpose of a YorEnergy Loan?
- To help you to spread the cost of a major purchase or project related to environmental sustainability over a sensible period with known regular repayments and affordable interest rates.
- To enable you to meet your Net Zero ambitions affordably without resorting to high cost sources of credit.
A YorEnergy Loan could be suitable for you if:
- You want to borrow an amount from £100 to £20,000 over a period of up to 10 years for a qualifying product or service 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 to be able to select weekly, fortnightly, 4-weekly or monthly repayments, to match your income pattern.
- 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 YorEnergy Loan is unlikely to meet your needs if:
- You want a mortgage or to borrow a larger amount than £20,000.
- You are in Bankruptcy, have a DRO, IVA or DMP, CCJs or defaults in the last 6 months.
- 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.
Protected by the Financial Services Compensation Scheme
Supporting the armed forces and veterans community
Proud Living Wage Employers
