You are more likely to be accepted for a Starter Loan* if you:
- are 18 years or over
- can show you have a regular source of income
- agree to save with the credit union while repaying your loan
You are less likely to be accepted if you:
- can’t prove a regular source of income
- have had new defaults or CCJs in the last year
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.
All loan applications are subject to a credit check. 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. You may be asked to have benefits paid into your Hoot account as a condition of this loan.
Making the right choice
For information on what to consider when looking for a loan click here.