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Hoot Credit Union hits milestone of 10,000th loan issued to members

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25 May 18

Hoot Credit Union has this week gone from strength to strength by hitting two new milestones, issuing its 10,000th loan and also last month reached £1.5m in savings.

Chief Executive, David Batten is immensely proud of the work Hoot has done for members of the community. David says: “This is a fantastic moment in the history of Hoot. It represents a significant achievement for us and the people of Bury and Bolton.

“We are delighted at not only the amount we have lent, but also the amount we have saved for our members.  It has been a fantastic year for Hoot, over 500 new members joining, an increase of loans and savings, and the launch of our new website.”

The new website enabled Hoot to reach out to more people and membership has grown because of this.

During the year Hoot conducted a member survey as part of its financial capability strategy. The results of the survey were positive and helped give an insight to staff on the financial behavior of members.

The survey said that:

  • 56% said they are saving for a specific item or event whilst 29% said they are saving for the future.
  • 42% save regularly each week or month whereas 21% save when they can.
  • 40% said that interest rate is the most important thing when looking at loans.
  • 74.7% said they are confident with managing their money and making financial product decisions.
  • 70% of members said they have their finances under control.

Speaking about the results of the report, David said: "We were very pleased to see the positive results and attitudes of our members. We also saw 96% scoring us high or very high on our customer service and we are extremely proud of the fact that our members rate us very highly.

“As a community focused business Hoot strives to serve its members by offering the best possible deals, particularly to those with limited choice for financial services. Hoot has retained the 5 star Fairbanking Mark for its loan products, demonstrating that our products contribute to the financial well-being of our members."

 

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