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. It’s 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

Bolton's credit union is called Hoot

How it 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.

Who can become a member?

If you live, work or study in Bolton you can join Hoot.

For further information please visit the Hoot website.