Green loan for home energy improvements
Borrow for insulation, double glazing, solar panels or heat pumps if you qualify for credit union membership.
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The Green Loan can fund home energy improvements: insulation, double glazing, solar panels, switching to renewable energy, heat pumps and home ventilation. You must provide a supplier quote for the qualifying purchase or service.
You can apply to borrow £100–£20,000 over an agreed term of up to ten years. The advertised rate starts at 6.5% APR, with interest capped at 3% per month; the lender also advertises up to 15% off its normal interest rates. Your actual fixed rate, repayments and total interest are confirmed in your loan agreement after assessment of the amount, your circumstances and credit history.
The lender can transfer the money to your bank account or pay your supplier directly. You repay the borrowed money with interest through standing order, direct debit or payroll deductions, as often as you receive income: weekly, fortnightly, every four weeks or monthly. Interest is calculated daily on the outstanding loan balance, so settling early reduces interest. There are no setup fees or early settlement penalties.
Saving alongside the loan is optional. A better rate may be available if you pledge your Membership Account savings: you then save at least £10 a month or £2.50 a week in addition to your loan payment. These deposits build savings rather than repay the loan. You cannot withdraw those savings until they exceed the outstanding loan; only the excess can then be withdrawn. Separate Instant Access Accounts remain available to draw from.
Eligibility
You must be over 18, have your own current account and be a member, or apply to join with your loan application. Joint loan accounts are not currently offered.
To join, you need at least one of these common-bond connections:
- Live or work in East Yorkshire, Lincolnshire, North Lincolnshire, North East Lincolnshire, or the York and North Yorkshire Combined Authority area.
- Work for Sanctuary Housing, HICA Group or its subsidiaries, Yorkshire Housing, Your Headrow, Department for Work and Pensions, Adecco Group, Arco, Cascade Care, DN Colleges Group, Dunlop Oil and Marine, Lincolnshire Housing Partnership, LincsInspire, KCom, MKM Building Supplies, Ongo Group, ResQ or Wilkin Chapman LLP.
- Work in one of the specified occupational groups: welfare professionals (246), public services associate professionals (356), government and related administration (411), finance administration (412), records administration (413), office managers and supervisors (414), other administrative occupations (415), or customer service occupations (721). These are the official occupational classification groups used in the membership rules.
- Be a tenant of Sanctuary Housing, HICA Group or its subsidiaries, Yorkshire Housing, Your Headrow, Lincolnshire Housing Partnership or Ongo Group; be a member of Better Futures Club; or be a relative who lives in the same household as a credit union member who qualifies directly through one of the common-bond routes.
Existing members who no longer meet the common bond may retain membership and continue borrowing with the board’s approval, subject to the membership rules.
The lender checks your credit history and assesses whether you can afford repayments. It may refuse your application or offer different terms. It says the loan is unlikely to meet your needs if you are bankrupt, have a debt relief order (DRO), individual voluntary arrangement (IVA) or debt management plan (DMP), or have had county court judgments (CCJs) or defaults in the last six months.
Joining is currently advertised as free. Membership rules require proof of identity and address, at least £1 paid into a membership share, and agreement to any annual administration fee set under the rules.
The membership rules allow a board-set minimum shareholding of no more than £5 to remain a member. This is separate from the optional monthly savings pledge. Your loan agreement must state whether you can withdraw membership savings when your balance is below, or the withdrawal would take it below, your total debts and obligations to the credit union, including debts you have guaranteed for someone else. The credit union can use money held for you, including shares, interest rebates and dividends, to pay debts you owe it or have guaranteed.
For another credit union loan, you can reapply after repaying one third of your existing loan through regular instalments.
How to apply
- Statut
- Candidatures au fil de l’eau
- Conditions de cette période de candidature
- Subject to membership, credit and affordability assessment.
Apply through the online join-and-borrow form; new borrowers do not need a separate membership application. You can also call HEY Credit Union on 01482 778753, option 2, Monday–Friday, 10am–3.30pm.
Provide a quote from your proposed supplier. Income evidence and, for non-members, identification may be requested later; you can upload available documents when applying. Employed applicants need their last three payslips and a recent bank statement covering at least one month. Benefit recipients need their latest Universal Credit Award Notice, if applicable, and a recent bank or Post Office statement covering at least one month. If you receive self-employed income, a student grant or a bursary, speak to the lender before applying. Existing members must use their active registered email address, updating it first if it has changed.