Borrow while your savings grow
A Hoot Secured Loan is available to members who want to borrow a lump sum and keep their savings intact
When you take out a Secured Loan of up to £15,000 your savings are used as security meaning you must keep your savings balance above the balance of your loan. The reward for locking in your savings is a competitive interest rate of just 8.7% APR on the reducing balance of the loan. Apply today and once your application is received we aim to get a decision to you within 2 working days.
You are more likely to be accepted for a Secured Loan* if you:
We regret that are unable to offer a loan if you are on a debt management plan, Individual Voluntary Arrangement or debt relief order or been declared bankrupt in the last 2 years.
* 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.
Free Loan Protection Insurance
We have a group life insurance policy that covers your loan in case of death. Subject to terms and conditions, restrictions apply based on age and cover limits.
Credit reference and fraud protection agencies
We may use credit reference and fraud prevention agencies to help us make decisions. What we do and how both we and credit reference and fraud prevention agencies will use your information is detailed in the leaflet: A condensed guide to the use of your personal information by ourselves and at Credit Reference and Fraud Prevention Agencies. If you would like to read the full details of how your data may be used please click here, phone 01204 365024, or ask one of our staff. By confirming your agreement to proceed you are accepting that we may use your information in this way.