When taking up a Personal Loan with HEY Credit Union, the Borrower will sign a Loan Agreement which sets out the following terms and conditions:ġ) The Borrower will repay the Loan that the Lender has advanced them, plus interest.Ģ) The Borrower will continue to make repayments until the Loan and any interest on the Loan due to the Lender have been repaid in full.ģ) The Borrower has the right to settle the Loan early at any time by paying in full the balance of the Loan and any unpaid interest outstanding. To find out more about how we use your data to help us make decisions on loans please read our Privacy Policy. The Credit Union reserves the right to decline any application or offer a loan that differs from those advertised. We don’t offer insurance as such, but your Loan may be covered by our free Members' Death Benefit Scheme.Īll loans provided by HEYCU are subject to status and our lending policy. Get in touch with our Credit Control department without delay to discuss a reduced payment plan.įailure to keep up repayments could have a serious effect on your credit report and ability to obtain future credit. Statements are provided upon request, or you can check your balance by registering with us on our website. This means that if you settle your Loan early you will pay less interest.Īre there any penalties or hidden charges for clearing my Loan off early? It is applied to your Loan daily and calculated on the outstanding balance. If you want to use your Loan money to pay any existing credit or bills, we can arrange to pay these for you.Ĭredit Union Loan rates start at 6.5% APR and are capped at 42.6% APR. We can transfer money to your bank account, or, by agreement in advance, you may be able to collect cash from a branch. Repayments should be made regularly (weekly, fortnightly, 4-weekly or monthly). You can reapply once you have repaid one third of your existing Loan by regular instalments.Īll Loans are to be repaid either through your own bank account by bank standing order or direct debit, or by payroll deduction.Īt the same frequency as you receive your income. ![]() When can I apply for another Personal Loan? ![]() You can apply for a Loan from £100 to £20,000. It may take a little longer at busy times such as Christmas and holiday seasons. Once your application is complete with all supporting documents, we aim to make a decision within 5 working days. How long does it take to make a decision? You can also have additional and separate Instant Access Accounts which you may draw from at any time. Your Membership Account will be “pledged” to the Loan, which means that you cannot withdraw from it until your outstanding Loan is less than the amount in the account (the difference may then be drawn). If you do agree to “pledge”, we will require you to save at least £10 per month (£2.50 per week) alongside your Loan payment, into your Membership Account. We may be able to offer you a better loan rate if you agree to “pledge” your savings with us (although this is not a condition when we offer you a Loan). Information on how we use Credit Reference and Fraud Prevention Agencies to check your credit history is supplied separately on request and on our website.ĭo I have to save with the Credit Union to get a Loan? Each Loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the Loan, previous savings and borrowing patterns with the Credit Union, credit history and so on. No, as long as you can provide proof of regular income as stated above. Self-employed income/ Student grant income/ Bursary income – Please speak to us before making an application.ĭo I need to be employed to apply for a Loan? Wages (employed) - Last three payslips and a recent bank statement showing at least one months’ worth of transactions. Benefits - Your most recent Universal Credit Award Notice (if applicable) and a recent bank or Post Office statement, showing at least a months’ worth of transactions. ![]() What will you need as a proof of my income? If you’re not already a member, you may also be asked to provide at least two acceptable proofs of identification.) You must be: a) aged over 18, b) registered on the voters roll, c) have your own current account, and d) apply to join HEY Credit Union if you aren't already a member.Ĭomplete our online application form, or alternatively, download and print the Loan Application (and Membership Form if you aren't already a member.
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