Supporting your financial well-being

 

Family Loan and Savings Plan can help you to save for holidays, Christmas or for life’s little emergencies whilst repaying your loan.

 

Getting a Family Loan of up to £500 will help you to manage your family budget and may have a positive effect on your credit report. (Subject to full repayment of loan)

 

You must agree to have your child benefit paid directly from the HMRC into your Hoot account to be eligible for this loan.

 

Please note that a successful application is subject to eligibility assessment, credit report and affordability check.

 

Representative example.

Borrowing £500.00 over 12 months will cost £51.00/month. Total amount repayable is £602.75 which includes interest at 42.6% APR. (Final payment will differ)

 

The figures given above are for illustrative purposes only. The actual repayment amounts may vary subject to loan amount, date of first payment and status. You should only take out a loan if you are certain you can afford the repayments. Over 18 only.

 

 

Important – Please check your eligibility and read the terms and conditions of this loan on the next tabs before applying.

  • Up to £500 (subject to eligibility, affordability and rules of the credit union)

 

  • No set up fees, late payment penalties or early repayment charges

 

  • 52 x weekly or 13 x 4 weekly payments

 

  • Healthy savings pot at the end of the loan

 

  • Option to set up children’s savings

 

  • Free loan protection insurance (terms and conditions apply

Build up your savings whilst repaying your loan

 

The Family Loan and Savings Plan is designed to help you access fair credit, even if you have a poor credit rating, and get into the savings habit at the same time.

 

If you saved the recommended £4 per week whilst repaying your loan you will have over £200 in savings when the loan is finished, giving you a handy buffer in case of emergency or enough to treat you and your family to something special.

 

By accepting a Family Loan you are agreeing to have your Child Benefit paid into your Hoot account until the loan is fully repaid. Loan repayments will start when your first Child Benefit payment is deposited. This may take up to 4 weeks and your loan will incur interest during this time.

 

Please note that the Child Benefit must in your own name to be able to apply for this loan. You will be asked to provide proof that the benefit is in your name. Applications made using someone else’s Child Benefit will not be accepted.

 

You also agree to save an agreed amount that will be available to withdraw when the loan is fully repaid.  If you cannot agree to locking your savings until the loan is repaid or topped up, you should not take out a Family Loan.

 

Please see Terms and Conditions for more details.

To be eligible to apply for a Family Loan:

 

 

  • You must be the recipient of the Child Benefit in your own name and agree to your Child Benefit being paid directly from HMRC to your Hoot Credit Union account. You will be asked for proof of receipt of Child Benefit by submitting your bank statement and your latest HMRC Child Benefit award letter. You might want to make sure you have this letter before applying. Please note that you must be in receipt of Child Benefit in your own name to be able to apply for this loan. Applications made using someone else’s Child Benefit will not be accepted.

 

  • You must agree to save a little whilst you are paying back your loan and to keep those savings with us until the loan has been repaid. Any ‘surplus’ can then be transferred into your nominated bank account, sent to your prepaid card or withdrawn in cash. If you cannot agree to locking your savings until the loan is repaid or topped up, you should not take out a Family Loan.

 

All loan applications, including top ups, are subject to a credit check and affordability assessment. Please see Terms and Conditions tab for more details on how we do credit checks.

 

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. 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.

 

Making the right choice

 

For information on what to consider when looking for a loan click here

 

What is a top up?

 

If you already have a Family Loan with Hoot, after six months you cant to apply to top your loan back up to the original amount. You can only do so six months after your last loan. If it hasn’t been six months since your last loan you will not be able to apply and the loan will not be available to you.

 

The amount you will be paid out is the difference between your original loan and the balance of the loan when you sign the loan agreement. Our membership team can explain more if you contact us.

 

If your top up application is successful you will be able to access half of your Pledged savings. The whole of your Pledged savings is only available if your loan is repaid in full.

 

If you are not sure when you are eligible please check the date on your last loan agreement or contact us.

 

Will I need to provide bank statements?

 

You do not need it send bank statements or proof of Child Benefit if you already have a loan with us. We may ask for an updated proof of identification, or additional documents if your circumstances have changed.

 

Am I guaranteed a top up loan?

 

Top up loans are not guaranteed and are subject to the same affordability and credit checks as any other loan application. If we fell that your financial situation has worsened since your last loan we may not be able to offer the top up.

 

Six months since your last top up?  Click Apply to continue.

 

*Representative example.

Borrowing £500.00 over 12 months will cost £51.00/month. Total amount repayable is £602.75 which includes interest at 42.6% APR. (Final payment will differ)

 

The figures given above are for illustrative purposes only. The actual repayment amounts may vary subject to loan amount, date of first payment and status. You should only take out a loan if you are certain you can afford the repayments. Over 18 only.

 

Our loan products at a glance

Handy Loan

Handy Loan

Loans from £200 to £2,000

 

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Budget Loan

Budget Loan

Loans from £2,001 to £10,000

 

 

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Premier Loan

Premier Loan

Loans from £10,001 to £15,000

 

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Member of ABCUL

Authorised and Regulated by

Member of Credit Uniond for Greater Manchester

Your money is protected up to £85,000