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 (maximum of £2500)
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 or you can provide this information by agreeing to Open Banking via AccountScore. Click for FAQ's 

What happens if my Payroll is more than required 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