Flexi Credit

Flexi Credit

Revolving credit that you control for our payroll members who've been with their employer over 12 months

If you find that you need some emergency funds, perhaps for unexpected car repairs or a broken down boiler, where would you turn? This is where our reliable Flexi Credit comes in handy, it allows you to have a pre-approved credit limit held in your account to be accessed when you need it most.

  • Access up 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

To be eligible for Flexi Credit, your employer must be one of our Payroll Partners and you will have worked with them for over 12 months.

Complete our online application form (coming soon), or alternatively, download and print the form and send it to us.

All loans provided by Hull & East Yorkshire 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
  • Department for Work & Pensions
  • Hull College
  • St. Mary's College
  • Bishop Burton College
  • North Lindsey College
  • East Riding College
  • ongo
  • Hica Group
  • Goodwin Trust
  • Humber Bridge Board
  • Neville Tucker Services Ltd
  • Lebus Upholstery

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) for at least the past 12 months, b) a member of Hull & East Yorkshire Credit Union or Northern Lincolnshire 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
£1,000 19.6% APR £40
£2,000 19.6% APR £80

How can I apply for Flexi Credit?

Complete the 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 choose a credit limit of either £1,000 or £2,000.

When and how can I withdraw from my Flexi Credit?

Any time you wish to. Simply telephone us to request a Flexi Credit Withdrawal and we will transfer the funds to your bank account by BACS within 2-3 working days.

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?


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 Loan Agreement. We reserve the right to withdraw the facility at any time.

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 by registering with us on our website.

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

What about insurance?

Your Flexi Credit may be covered by our free Members’ Death Benefit Scheme

Updated 15.5.17

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.