The Benefits of a Halton Credit Union Loan
- HCU offers very competitive rates of interest on personal loans of up to a maximum of £5000* and are happy to offer much smaller amounts.
- Interest is charged on the reducing balance of the loan. This is important if you want to repay your loan weekly rather than monthly, as you'll pay less interest overall.
- When you borrow from HCU, you can pay back loans through various channels. These include cash at local offices or collection points; straight from your wages through payroll deduction (if your employer agrees); direct from your Child Benefit; from your bank account by standing order.
- All HCU loans come with no hidden charges and no penalties for repaying the loan early.
- When someone borrows from us, they are encouraged to save too, meaning that by the time they finish repaying the loan, their savings will have grown as well.
*PLEASE NOTE: The amount you are able to borrow from HCU goes up in stages – the first loan being up to £500 and the current maximum loan being £5000 – See HCU Loan Policy for further details.
Loan Products:
HCU provides three loan products to members:
Loan 1 – The Share-Based Loan:
Loan 2 – The Essential Household Goods Loan:
Loan Protection to Offer Peace of Mind
Click on the Which logo to read a great article by Rob Goodman...
‘Borrowing from a Credit Union’
Please Note: Although Credit Unions from around the world form part of the same Credit Union Movement, each one has its own policies and procedures and offer services which may differ.
In brief (and in response to the article) Halton Credit Union:
Members have to live or work in Halton:
- To be eligible to join HCU Members must live or work in Halton;
- The maximum loan amount is currently £5000;
- The maximum repayment period is 2 years on loans £1000 and over;
- HCU does not offer mortgages.
Name Change
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From Tuesday 1st October, Halton Credit Union will be trading as Beacon Savings & Loans, read on to see why we are changing our name.
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Why has Halton Credit Union changed its name
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Halton Credit Union is now trading under the name Beacon Savings & Loans
In 2019, Halton Credit Union extended its common bond i.e. the thing that links us all together as members, to cover a larger area. Formerly members had to live or work in Halton but with the extended common bond people who live or work in the whole of Cheshire, plus the adjacent WA postcodes are now able to join our credit union.
Therefore, it was envisaged that having a geographical place name, Halton Credit Union, would hinder our expansion as location names do not travel well. The need for member connection is vital and any potential members in our extended common bond may not be familiar with the location, Halton, therefore it would it not evoke a ‘sense of belonging’ to them.
Additionally, individuals in these other regions may be unaware that they can join.
Therefore, the most important thing was to make our credit union relevant to the members, both potential and existing and to the communities in which we will operate.
The new name ‘Beacon’ emotes reliability and security and ‘Savings & Loans’ gives clarity to what we do – it is clear and straightforward. The name is also easy to remember and recognise and will appeal to a more diverse range of potential members, avoiding terms that might feel exclusive or limiting, such as the place name Halton.
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Who chose the name Beacon Savings & Loans?
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Our existing members inadvertently helped to choose the trading name Beacon Savings & Loans
A working group shortlisted several suitable and available names. Existing members were then asked to complete a survey about their credit union, without being informed of its true purpose. Their responses were used to help select the new name. The survey was conducted blind to ensure that the chosen name would reflect the essence and values of the organization, rather than simply being selected based on popularity.
The new brand is fresh and modern and as ‘Beacon Savings & Loans’ feels more authentic as it accurately reflects some of the members comments:
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Who we are: ‘a beacon of light’ for those that need our services, a ‘lifesaver’ who people can turn to and a ‘light at the end of the tunnel.’
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What we do: ‘provide a safe place for people to save as well as offer affordable loans to members.’
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Does that mean Halton Credit Unions brand/logo change?
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The new branding will now feature a modern, fresh design with a more professional appearance.
Our original brand is also outdated and not really what we are about as an organisation. The logo was designed over 20 years ago and incorporated a pound sign – today HCU is less about money and more what we can do for members.
The recent changes align with our mission which is... ‘People and Planet before Profit.’ At Beacon, we aim to shine a light on the changes needed in our communities, but much more than that... we also want to actively participate in creating the solutions
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Does that mean that you are no longer a credit union?
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We will also be a credit union, we are proud to be a credit union
When you know what a credit union is, you know they are the best thing. Many people do not know what a credit union is and the name can feel misleading to some people. Whilst we are a union, given that we all come together for the greater good of everyone involved, we're not a trade union. Credit unions are a part of the cooperative movement, meaning that we are owned by our members. In fact we are a Savings & Loans cooperative.