Applying for a Family Loan & Savings Plan

There are a few things you should have ready to be able to complete your loan application.

Before you start you should have ready…

Your bank account sort code and account number plus the log in details for your online banking

Your National Insurance Number

Child Benefit Reference (if known)

Details of income and expenditure, plus the balances of any other loans, credit cards, store cards or other credit you might have

Please note that you must be in receipt of Child Benefit in your own name to be able to apply for this loan. Applications made using someone else’s Child Benefit will not be accepted.

When you apply for the loan for the first time you may be asked for your last two month’s bank statement showing your benefit PLUS proof of Child Benefit from HMRC. You might want to make sure you have this letter before applying.

Have you checked eligibility and affordability?

Please note that a successful application is subject to eligibility assessment, credit report and affordability check. You should only take out a loan if you are certain you can afford the repayments. Use the loan calculator to check you can afford the repayments.

Part of the loan agreement is that you save an agreed amount of Pledged savings that cannot be withdrawn until the loan is repaid or there is a new agreement when you top up the loan. If you cannot agree to locking in your savings you should not apply for this loan.

What happens when I have made my application?

Once your application is now complete, we will look at the information you have given and contact you if we need more information.

If we need more information we will contact you within two working days. Once we have all the info we need the decision will take 3 to 4 working days. Keep an eye on your email for messages.

During the application, we will ask you to log into Open Banking so we can verify the information you will give us.

What is Open Banking?

Open banking lets you share a snapshot of your financial data such as your income, expenditure, credit and loan payments and your spending habits with us so we can make an assessment on your loan application. It is basically a way of seeing your bank statement online.

We will ask for your consent to access your information as part of the application. Once you’ve given consent you’ll be redirected via our partners at Experian to your online banking login page where you’ll enter your security details directly. The page will look a little difference but don’t worry, you will be directed back to your application once completed.

We won’t see or be given your log in and security details when you do this. Your bank will then share your online bank transactions with us.

Remember this is just a snapshot of your last 12 month’s transactions, we can only view what is on your statements on the day you share.

Is it secure?

Your information is safe as we comply with all the rules and regulations for Data Protection and GDPR. You can withdraw your permission at any time.

What if I don’t want to share my information by Open Banking?

If you’re not comfortable sharing your account data with us you don’t have to.

We will still need to see proof of your transactions so you will need to email PDFs of your last two month’s bank statements,  to This may mean your application will take a little more time.

Using Open Banking will mean we can process your application more quickly, but don’t worry – not using it will not affect your application.

Applying for a Top Up?

If you already have a Family Loan with Hoot, after six months you cant to apply to top your loan. You can only do so six months after your last loan. If it hasn’t been six months since your last loan you will not be able to apply and the loan will not be available to you.

The amount you will be paid out is the difference between your original loan and the balance of the loan when you sign the loan agreement. Our membership team can explain more if you contact us.

If your top up application is successful you will be able to access half of your Pledged savings. The whole of your Pledged savings is only available if your loan is repaid in full.

If you are not sure when you are eligible please check the date on your last loan agreement or contact us.

Will I need to provide bank statements?

You do not need it send bank statements or proof of Child Benefit if you already have a loan with us. We may ask for an updated proof of identification, or additional documents if your circumstances have changed.

Am I guaranteed a top up loan?

Top up loans are not guaranteed and are subject to the same affordability and credit checks as any other loan application. If we fell that your financial situation has worsened since your last loan we may not be able to offer the top up.

Already Have An Account With Hoot?

Start Your Application Here
(You will complete a Loan application)

Don’t Have A Hoot Account Yet?

Start Your Application Here
(You will complete a membership application as part of your loan application)