Payroll Loans

By agreeing to service your credit union account via payroll deduction you are eligible to apply for a first time loan up to the value of £500.

Payment is taken directly from your pay and will appear as a deduction to the credit union on your pay slip.

As all loans require you to save whilst borrowing, a typical £500 loan will cost £60 per month. £50 services the loan and £10 is added to your share account. So once your loan is finished you will also have saved £120 with the credit union

Payroll loans are only available where an employer has signed up with the credit union agreeing to payroll deduction. You should ask your HR department about payroll deduction if in doubt.

Example: £500 loan repaid at £50 per month

11 payments of £50 and 1 final payment of £25.31

Total charge for credit - £75.89

Typical APR 26.8%