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.

If you want to be part of this local money revolution, then take a look at why you should borrow from Hoot.