This Hull credit company has got five stars for being ethical
FAIR BANKING: John Smith, chief executive of HEYCU, says members are increasingly seeing the benefits of credit unions
By Hull Daily Mail | Posted: 27 Jul 2017
A Hull-based credit union has become one of only 12 organisations in the country to receive national recognition for providing ethical loan products.
The Fairbanking Foundation was launched in 2008 to encourage higher standards among the nation’s financial institutions.
In 2010, the research-based charity launched its Fairbanking Mark – a rigorous accreditation scheme that recognises organisations whose services improve their customers’ financial wellbeing.
Hull and East Yorkshire Credit Union (HEYCU), has now been handed the prestigious 5-star Fairbanking Mark for its popular Credit Union Loan.
Providing applicants with a budget planner to ensure they can afford to repay the loan, allowing borrowers to repay their loan early without a fee and encouraging members to save alongside loan repayments were three of the features that helped HEYCU secure the highest mark possible.
HEYCU’s chief executive John Smith said: "We are honoured to receive this award.
“As a financial services organisation that is owned by our member-customers, we are passionate about developing products and services that help them to manage their money effectively, treat them fairly and contribute to their financial well-being.
“Our members are the reason why we exist and we know they will be very proud of this recognition.”
HEYCU was formed in Hull in 1999. In the early years, it was open only to employees of Hull City Council and their families, however the organisation’s success soon saw it expand into the wider community.
HEYCU is now the region’s largest credit union, with branches in Hull, Bridlington, Scunthorpe, Goole, Driffield, Beverley and Withernsea.
It provides savings and loans for more than 12,000 members, all of whom either live or work in the Humber region or work for employers such as the Department for Work & Pensions.
Antony Elliott, chief executive of the Fairbanking Foundation, said: “We have now worked with eleven credit unions to enable their personal loan products to be granted the Fairbanking Mark.
“The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK.”
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