You are more likely to be accepted for a Budget Loan* if you:
- are 19 years or over
- have at least a ‘fair’ credit rating
- can show you have a regular income of at least £16,000 per year
- agree to save with the credit union while repaying your loan
Income less than £16,000 per year? Take a look at our Handy Loan
You are less likely to be accepted if you:
- can’t prove a regular source of income
- have had defaults or CCJs in the last 2 years
- have missed credit repayments in the last 6 months
We regret that are unable to offer a loan if you are on an, Individual Voluntary Arrangement or debt relief order or been declared bankrupt in the last 2 years.
If you are not already a member of Hoot Credit Union you will be registered as a member as part of the loan agreement process.
* Meeting these criteria does not guarantee acceptance. Interest and repayments depend on individual applications and will be made clear to you when signing the loan agreement. Late repayment of loans can cause you serious money problems. You should only take out a loan if you are comfortable you can afford the loan and can repay on time. Applicants are expected to save with Hoot while repaying their loan.
Making the right choice
For information on what to consider when looking for a loan click here.
Please Note: If you already have a Family Loan with Hoot you are not eligible to apply for any other loan.