Hoot is proud to be among a small number of financial institutions that have achieved 5 stars from the Fairbanking Foundation for its loans. The mark has been awarded for the fair and responsible way that Hoot treats its members when they apply for and manage their loans.

Loans from £200 to £15,000 are available to members at an interest rate appropriate for the member’s affordability, income and credit rating.

A community benefit business

We estimate that we save our members up to £450,000 per year in loan interest, had they taken comparable loans from other lenders. This community dividend enables our members to support each other whilst at the same time getting a good deal.

As a community-oriented business Hoot has a very strong relationship with businesses, community groups and local government organisations and collaborates on a number of projects aimed at promoting fair finance and money management skills.

Hoot is a Co-operative and Community Benefit Society and members are bound by credit union rules. As a member of the credit union you are expected to abide by the rules. A copy of the rules is available from the credit union on request. This is available free of charge in electronic format at any time or as a hard copy if requested within 3 months of your membership commencing. After that hard copies will be charged at £3.

Key points regarding your membership contained within these rules are:

• By joining the credit union you are agreeing with its social goals.
• You must retain a minimum balance of £1 to remain a member of the credit union.
• As a condition of membership you must save regularly with the credit union to a maximum amount of £15,000.
• You have access to your savings at any time by means provided by the credit union; unless your savings are attached to a loan according to any loan agreement you have signed.
• You agree to pay back any loan you have according to the signed agreement.
• You may withdraw your membership at any time in accordance with the rules.