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07 Oct 2021

Loan Applications

Members can apply for a loan online today

07 Oct 2021

Christmas Loan offer

Available until 31st January 2022

07 Oct 2021

Withdrawing funds

Request online at a time to suit you

Payroll Loan

What is Payroll?

Payroll is when you pay into your credit union through your wages. Once you have joined and have a balance of £50 in your account (through payroll) you can apply for a loan up to the value of £300.

Who is eligible for Payroll?

Members whose employer has signed up to the payroll scheme.

How does this work?
  • Once £50 has been received through payroll, you can apply for your loan.
  • Your monthly payment will come in and your loan repayments will be deducted and any left-over will be deposited to your shares.
How do I join?

You can join online, at the main office or at a local collection point

Is there a cost to join the credit union?

Yes there is a once off joining fee of £2 and a yearly administration charge of £5 (this come off your account automatically around October)

  • This insurance covers your loan which means on death your loan will be repaid (up to the age of 80)
  • Your beneficiary will receive 150% of your savings
What happens when my loan is paid off?

You can apply for another loan up to the value of £300 once you have paid back 50% of the loan. Or if you have higher savings you will follow our normal loans policy

How do I apply for a loan?

Once you join the credit union you can fill in a loan form but this will not be processed until your payroll has been received and you have a balance of £50

Do I need any other information when applying for my loan?

Yes, we need 3 months bank statements when applying

What happens if my Payroll is more than rquired for my loan/savings?

Your excess funds will be paid into your savings.

What other services are on offer?
  • We also have our Penny Wise accounts (junior savers)
  • Normal savings and loan accounts
  • Christmas/holiday savings accounts
  • Pre-payment Debit Cards
  • Pre-payment funeral plans