Payroll Loan
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.
Members whose employer has signed up to the payroll scheme.
- 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.
You can join online, at the main office or at a local collection point
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)
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
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
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
Your excess funds will be paid into your savings.
- We also have our Penny Wise accounts (junior savers)
- Normal savings and loan accounts
- Christmas/holiday savings accounts
