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Summer Loan Sale

Sizzling Summer Loan Sale available for a limited period

From 1st July we'll be offering an amazing rate of 3.5% APR on loans from £5,000 to £15,000.

  • Sale on loans from £5,000 to £15,000
  • 3.5% APR Interest Rate
  • Same day decision
  • No hidden fees, charges or repayment penalties
  • Interest charged on the outstanding balance only
  • 5 Star Fairbanking rating

To apply for this Loan, you'll need to be on the voters roll with your own bank account.

Step 1: Complete our online application form, or alternatively, download and print the loan form (and membership form if you aren't already a member)

Step 2: Provide two or three acceptable items of identification (if you aren't already a member)

Step 3: Provide proof of your income

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.

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 Hull & East Yorkshire 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 form (and membership form if you aren't already a member. If you’re not already a member, you'll also need to provide at least two acceptable proofs of ID.) 

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 income.
  • Self-employed income/ Student grant income/ Bursary income – Please speak to us before making an
    application.
  • Pensions and Benefits - Recent bank or Post Office statements, showing at least a months’ worth of income.

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?

No.

How long does it take to make a decision?

You will receive a same day decision on your Summer Loan Sale application providing that your application is fully completed with all acceptable supporting documents and is received at a Credit Union main branch* by 12 noon on a working day (ie not including bank holidays or weekends)

*Hull, Goole, Bridlington, Scunthorpe.

How much can I borrow?

To access our Summer Loan Sale rate, you will need to apply for £5,000 to £15,000. If you want to apply for another amount, please see our other loan products for further information.

 

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, give you a cheque, 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?

Our Summer Loan Sale rate is 3.5% 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 seven 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 29.6.17

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 Data Protection Policy.  

The quoted interest rate will apply to new Credit Union Loans and top ups of between £5,000 and £15,000 subject to approval, credit search results, affordability and other relevant factors.

The maximum loan term is seven years.

After completing our credit assessment procedures, you may be offered a loan at a different interest rate, or your application may be declined.

If a completed loan application, with all acceptable supporting documents, is received at a Credit Union main branch* by 12 noon on a working day (ie not including bank holidays or weekends), we will use our best endeavours to send a response the same day, or if that is not possible, on the next working day. If we have to ask for further information to process an application this may delay the decision.
No guarantee can be given and the Credit Union will not be responsible for delays in communications that are outside its control, for example emails or telephone calls not being received either way.

The loan sale offer may be withdrawn or varied at any time by the Credit Union.

* Hull, Bridlington, Goole, Scunthorpe

 

When taking up a Credit Union Loan with Hull & East Yorkshire 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 below terms and conditions will apply in those circumstances.

When taking up a Credit Union Loan (with pledged savings) with Hull & East Yorkshire 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.


Glossary

Borrower - The member named on the Loan Agreement

Lender - Hull & East Yorkshire Credit Union

Loan - the sum that the Lender has advanced to the Borrower, plus interest

Shares - The amount in your savings account(s) with Hull & East Yorkshire Credit Union.