Hoot is a co-operative, community business offering ethical and affordable financial products to our members.
The money saved by members is pooled together and used to offer low interest loans. This is how we can offer an alternative source of credit at a fair rate of interest.
- Members are encouraged to save for the future and in return, they receive affordable credit and access to low cost loans.
- The interest received on the loans pays for the administration of the credit union with any surplus being put into reserves and, when possible, paid back to the members in the form of a dividend.
- For this reason both savers and borrowers are essential to a successful credit union. Members know that by saving with Hoot they are benefiting other people in the community or workplace.