Our Payroll Loans have two simple components to the repayments: 1. The loan repayment 2. A savings contribution The loan repayment goes towards paying off your loan and the interest. The savings component is put into your own savings account and is held in there until the loan period has finished and you have repaid the money owed. This means that our members have created a savings pot for themselves – often for the first time in their lives!

Loan Terms & Conditions

Loans £500 – £1000. Maximum term 12 months. The actual interest rates and repayment amounts may vary subject to loan amount and status. We will need proof of your income including any wages, self-employment income and benefits. Each Loan application is assessed on an individual basis and takes into consideration a variety of factors including the affordability of the loan, previous savings and borrowing patterns with the Credit Union, credit history and so on.

We will carry out a credit check as part of the loan application process. If you require an AN1 as security for your loan the rate is increased by an additional 1% APR PLEASE NOTE: Your credit score will be adversely affected if you are late or fail to keep up with payments on a loan.