Payroll Loan

Payroll Loans are offered to members who are part of a payroll deduction scheme and are offered at a special flat rate of 1% per month (12.68% APR). The amount you can borrow is determined by several factors, including how long you've been a member of the credit union, how many previous loan you've had, and how much you can afford to repay. The maximum you can borrow with a Payroll Loan is £10,000 over a period not exceeding 3 years.

Just so you can get some idea of the amount you can borrow and how much it will cost in terms of monthly repayments and interest costs, we have included a calculator below. Adjust the sliders to see the results.

£50 £10,000
1 months36 months
Your repayments are every month at APR
Total interest is
Total you will Pay:

Loan Details

The interest rate for Payroll Loans is 1% per month/12% flat per annum (12.68% APR) calculated daily. The maximum amount that you can borrow is dependent on several different factors which will be considered when you apply. First, you must have been saving with the credit union for a minimum of 13 weeks, during which time you must have shown a regular saving pattern. After that, the maximum you can borrow is determined as:

  • for your first loan, twice your savings total to a maximum of £3,000 over a period not exceeding 12 months
  • for second loans, up to 3 times your savings to a maximum of £10,000 over a period not exceeding 2 years
  • for third and subsequent loans, up to 4 times your savings to a maximum of £10,000 over a period not exceeding 3 years.

We will also take into account your existing regular payment pattern and will examine your Loan Application income and outgoings to ensure you can afford to make the agreed repayments and may ask you for proof of income. We reserve the right to apply to a Credit Checking agency for a credit reference, but please don't assume that you will be refused just because you have a poor credit history, that is not necessarily the case.

We can pay your loan advance by cheque into your personal bank account, by cheque for cashing at a branch of the Co-operative Bank, by cheque for cashing at a Post Office with which we have an arrangement (a charge will apply), by Faster Payment directly into your bank account or by loading the value onto a Prepaid Debit Card.

This type of loan can also be "topped up" to provide a further advance to a maximum of the original loan after the loan has been at least 50% repaid, and subject of course to the original loan being repaid according to its terms. This, however, can only be done once, after which the loan will need to be fully repaid before any further loan will be granted.

To apply for or top up a Payroll Loan, click the button below, print the form and fill it in as fully as possible. Alternatively, forms are available at any of our Service Points.


  • Open to all Payroll Deduction members with savings
  • Must be over 18 years old
  • Loan amount dependent on savings
  • No arrangement fee
  • No penalty for early settlement
  • Overpayments welcome
  • Weekly, fortnightly or monthly repayments
  • Covered by Life Insurance
Terms and Conditions