How is Hoot different from other loan companies?

Here at Hoot, we talk about the ‘credit union difference’, but what does it mean? We say we are different to regular loan companies because we are!

We are owned by our community

Hoot, like all credit unions, is owned by its savers and borrowers – our members. Members are represented by elected Board members who lead the development of the business in the interest of members. Profit is shared amongst the members, so everyone who saves benefits from our success.

We promote good savings habits

Loan companies are driven by profit. We care about helping our members access fair and affordable credit; and build savings for the future. That is why all of our members save. When someone takes a loan, a minimum saving amount builds up and acts as collateral against the loan. Account holders have been pleasantly surprised at how quickly this pot can build up.

But you can save without borrowing!

More than just a credit score

We aim to provide fair and affordable loans. This means that we look at individual circumstances when assessing a loan application. Whilst we do take a person’s credit score into account, we also look at affordability and any previous borrowing with us.

Your Money Matters

Making the most of your money as the cost-of-living crisis continues to bite is more important than ever. Credit unions are committed to financial education, offering hints, tips and tools to help people manage their finances better

If you open a Hoot account or take out a loan you will be able to manage your account online and be reassured that, as a regulated, member-focused co-operative, we have your interests at heart; and run the business for the sake of the community.