What is a Credit Union?

A Credit Union is a financial co-operative which is owned and controlled by its members on a not for profit basis. A Credit Union is a friendly, local alternative to banks or building societies. We offer an accessible savings facility and low interest loans to members.

Credit Unions aim to help you take control of your money by:

  • Encouraging you to save what you can     
  • Only borrowing what you can afford to repay

Common Bond

Each Credit Union must designate a common bond. Only members of the common bond can join a Credit Union.  

Becoming a member of Hoot

If you live, work or study in Bolton you can become a member of Hoot. If you are unsure as to whether or not you qualify, please contact them directly on 01204 365024.  

How a Credit Union works

As well as being a good savings option, the money saved is used to make low interest loans to other Credit Union members. This is how we can offer an alternative source of credit at a fair rate of interest.

Members are encouraged to save for the future and in return, they receive affordable credit, free insurance and access to low cost loans.

The interest received on the loans pays for the administration of the Credit Union with any surplus being put into reserves and, when possible, paid back to the members in the form of dividends.

For further information please visit the Hoot website.

Hoot

Bolton Credit Union

60 Ashburner Street

Bolton

BL1 1TD

Telephone 01204 365024
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