In our last survey, 48% of our members said that they had nowhere else to go for credit, had we not been able to give them a loan. Most of our borrowers tell us that finding affordable credit is hard, and being able to access loans from us has been a life-saver.
If you are someone on a low income, or not much history of borrowing before, affordable loans can be hard to find. As can finding a loan for less than £1,000. Even if you are able to access credit cards or overdrafts, borrowing that way can be expensive.
Maybe buy now pay later (Pay in 3 deals) are the answer? Well not if you become heavily reliant on using this way of paying for things. You can soon find yourself with the problem of having to find several repayments in one month, leaving you back where you started in terms of things becoming unaffordable.
The average credit card interest in April this year was 24.7% – with many credit cards charging as high as 40%. And the average overdraft was 38%.
You can be sure that when you borrow from Hoot that:
The rate you are quoted is the rate you will get. Our rates are transparent and are madeclear when you apply. There are no ‘teaser’ rates with Hoot.
Like for like we are cheaper than most other lenders – especially if you are someone with a poor to fair credit score.
Affordability is our focus. We don’t always do a credit check, but we always check your affordability. All our loan applications are assessed by a human, and your individual circumstances are taken into account.
We help you to save – not just save on loan interest – but our Save as You Borrow scheme means a proportion of your repayment is allocated to a savings account, reducing the need to borrow in the future. Many people find this an easier way to start saving money, while still being able to pay for things like a holiday with the loan.
You become part of something. Hoot is a community owned co-operative, so everyone who aves and borrows has a stake in our success.
We know we can’t help everyone; and if we can’t we will always point you towards information on how to get help with your finances. But those we can help become loyal savers and borrowers, and say that they are happy to recommend us to family and friends.
We at Hoot Credit Union have taken the decision to cease using X as be believe the ever increasing toxic content and lack of moderation of harmful misinformation goes against our co-operative values.
In recent years, the digital world has changed in ways that have deeply impacted how we, as an organisation, interact with our audiences. We believe that X is no longer the best platform to communicate with our members and community partners.
X used to be a lively platform where communities could connect, share their stories, and push for positive change. It’s become a much more hostile environment in recent years. Hate speech, harassment, general toxic content make it an uncomfortable space for us, and we think for many of our members.
We will not delete our account in the hope that at some point, the platform will once again become a space for positive communication and change; but we will no longer post or monitor our account.
You can still interact with us via Meta, Instagram and LinkdIn, and you can keep up to date with what is happening at Hoot via our website www.wisewithmoney.org.uk
On January 19th Hoot will be 20 years old and we aim to celebrate our birthday year in style.
Although credit unions have been around in Bolton and Bury since 1990, Hoot was created (firstly known as Quids In) in 2005 to cover the whole of Bolton, and then Bury, making sure that everyone in the boroughs gained access to affordable credit and savings.
Since then we have achieved so much, becoming what is now a thriving community-owned business.
Since 2005 we have lent out over £20m and estimate to have saved borrowers over £36 in loan interest by coming to Hoot rather than predatory lenders.
Today our members have over £2.3m in savings, and 85% of our savings are saving for the first time.
We now offer online services, instant access to savings, and loans to suit everyone.
Here are some of the things we are going to do to celebrate our birthday year:
Planting the Seeds of Membership – we will be planting a tree for every new member who opens an account and starts saving in 2025 (up to 1,000 trees). Planting trees is our way of living out our ethos as an ethical organisation that truly cares. It’s about more than just numbers – it’s about creating a better, greener world for everyone. Find out more about this at https://wisewithmoney.org.uk/20th-year-anniversary
Member giveaways – Every month in 2025 we will draw a lucky member who will receive a Hoot birthday hamper of goodies worth up to £100. We will make the draw at the end of each month and inform the lucky member of what they have won. Build your savings even more to help the community – Members can now save up to £30,000 in Hoot^. For every £1 you save, you are helping someone else in your community access affordable credit, and improve their financial well-being. What better way to support your community! If you open a Christmas Savings account and save for ten consecutive weeks or three consecutive months up until November 2025, you will be entered into a free draw to win up to £250 savings bonus. Open your Christmas saver today https://wisewithmoney.org.uk/savings/christmas-savings
We are having a party! We aim to hold our birthday party at our Bolton branch on World Co-op Day, Saturday 5 July. Join us for fun activities and goodies, and help us celebrate 20 years of co-operative community-owned financial services. More details later in 2025.
We look forward to sharing our birthday celebrations with you.
Support Your Local Credit Union
*Members who are saving and borrowing. Members in arrears will not qualify ^Savings are not interest bearing and are subject to a dividend or share of the profit depending on credit union performance. Savings are protected by the FSCS.
Regulation of the buy now pay later industry is long overdue says Chris Canham, CEO of Hoot Credit Union based in Bolton and Bury.
More than 1 in 10 consumers plan to put Christmas on credit using BNPL apps.
Millions of people use Buy Now, Pay Later firms, such as Klarna and Clearpay, when shopping online or in store. Managed correctly, they can be a cheap and quick way of accessing credit. But research shows many users aren’t aware that if something goes wrong, you face late fees, and, increasingly, marks on your credit file.
Hoot members tell us that they are increasingly being caught in the trap of signing up to BNPL deals to fund Christmas, and then face multiple and unaffordable repayments in January. Online shopping just five or six times for Christmas gifts can accumulate a hefty repayment commitment without realising the consequence of having to repay, or understanding that Buy Now Pay Later is a debt that will appear on a credit report. And debt charities have argued that BNPL companies encourages people to buy things they can’t afford.
The Financial Conduct Authority plans to bring this up until now unregulated practice under regulatory rules including compulsory affordability checks and offering clear and accessible information, including making it clear that BNPL is a debt.
Using a credit union save and borrow scheme to spread the cost of Christmas is a good way to pay for the cost this year, and save for next. A report by the Fairbanking Foundation says that getting into a good savings habit, particularly by those most financially vulnerable is the best course of action to cover those big-ticket items.
“Save as you borrow” (SAYB) is the practice of credit unions to encourage their members to put an amount into a savings account as part of making a loan repayment, meaning that when the loan is repaid, there is a savings pot to call upon to help the cost of next Christmas. At Hoot 84% of new borrowers are saving for the first time.
To find out more about how credit unions can help people spread the cost in an affordable and accessible way go to www.wisewithmoney.org.uk
The Mayor of Bolton showed his support for Hoot Credit Union, winner of the Social Enterprise of the Year at the Bolton Business Awards, by signing up as its latest member.
Joined by the Lady Mayoress Karen Houldsworth, Cllr Morgan signed up as one of 6,000 Hoot members and confirmed his commitment to Hoot’s mission of improving the financial well-being of the community.
Cllr Morgan met with the staff and volunteer directors of the credit union and learned more about how Hoot serves its community as a provider of ethical savings, loans and financial education.
Rob Andrews, Chair of the Board of Directors said “The Board ensures that the credit union is at its best. We believe the CEO and her team do an excellent job to ensure the integrity of the service we provide, and the inclusion of the whole community in benefitting from membership of the credit union”
Chris Canham. CEO added “Social enterprises play a vital role in our local economy and Hoot is proud to be the focus of community finance in Bolton. Thousands of people who live and work in Bolton benefit from our services, and are able to support the most financially challenged in our community by saving and borrowing from their member-owned, community focused social enterprise.”
The Mayor and directors also discussed the positive impact of payroll saving schemes in partnership with employers such as Bolton Council, Bolton at Home and Carr’s Pasties, and how encouraging employers to set up saving with Hoot via payroll is an essential ingredient in their support for employee wellness. Those employees are Bolton residents and by offering value for money services and supporting their well-being, we are fulfilling one of the most important elements of community credit unions
In giving the award, Bolton News said that Hoot won because of the impact it makes on the financial well-being of the community, and the success it has demonstrated in maintaining a community-owned business in a competitive market.
Chris Canham, CEO says “We are delighted to have won this award. We are a small team dedicated to improving financial well-being, and providing affordable loans and savings to everyone. The award has boosted the enthusiasm of our employees to do even more to help the most financially challenged, and also to get the message out that everyone can benefit from our services”
