Hull and East Yorkshire Credit Union, which has a branch on Market walk, Driffield, is stepping up on the high street with a new competitive loan product aimed at attracting people to join who may not have realised the member-owned mutual would be able to cater for them.
John Smith, HEYCU’s chief executive, explained that although awareness of credit unions has improved in recent years, there are still many people who think it is only a small loan provider, or there to help people who are already regular credit union savers.
He commented: “Our new Dream Loan is designed for people wanting to borrow between £2,000 and £10,000 who would normally go for a bank loan. We have set our interest rates below those of the major high street banks so if people are in full-time employment (or receiving an occupational pension), have a clean credit history and can afford the repayments, we would encourage them to give us a try.
“Many people say they like the idea of supporting our credit union because it is here to benefit the local community and not to make profits for City shareholders. The fact that we do not have a bankers bonus culture really appeals to them.”
The Dream Loan is ideal to fund bigger projects like home improvements, vehicle purchase, special holidays and visits to relatives abroad or perhaps to fund a family celebration, as the repayments can be spread over up to five years. Unlike many lenders, the credit union does not charge any settlement fees if the member decides to pay their loan back early.
To see how a Dream Loan compares with branch based bank loan, or find out more about joining and using the Credit Union, visit www.hullandeycu.co.uk , call 01482 778753 or pop into a local branch.
HEYCU provides a range of affordable financial services for the people of East Yorkshire on a not-for-profit basis. It now has 11,000 adult members and over 1,000 junior savers.