Payroll Loans

Want a great value loan – with simple and easy repayments deducted straight from your pay?

If you work for one of our participating employers then why not join your colleagues in taking advantage of our Payroll Loans – exclusively available for members like you?

Our competitive interest rates make our Payroll Loans a wise way to finance your home improvements, or help pay for that holiday of a lifetime you have always dreamed of. The interest rates that we offer on loans up to £5,000 beat most of the rates offered by the high street banks! (checked 25/10/2018)


  • Apply for £1,000 to £10,000
  • Apply as soon as you become a member
  • Spread your repayments over up to 5 years
  • 17.5% APR on loans of £1,000 to £2,999
  • APR reduced to 10.7% on loans of £3,000 or over
  • Interest payable on declining balance – meaning you pay less if you make your repayments on time
  • No loan arrangement fees or set-up costs
  • No early repayment fees if you want to settle the loan early
  • Minimum 26 weeks / 6 months of repayments before able to apply for a top-up
  • Option to save while you repay


You can apply for this loan if:

  • You have joined as a member of Sheffield Credit Union (or were a Rothersave member)
  • You work for one of our Participating Employers
  • You are not currently in an IVA
  • You have not had a Debt Relief Order or Bankruptcy Order within the last 2 years

Our Payroll Loans are subject to a good credit record, affordability check and proof of employment for one of our participating employers.

Payroll Loan calculator Apply for a loan

Want to know more about how payroll deductions work?

If you want to learn more about how our payroll deductions work, and view the latest list of participating employers just click below.

Learn more


Sample rates for our Payroll or Homeowner Loans are given in the table below. These great rates are only available when you apply directly to Sheffield Credit Union in branch or via our website.

 (click image to enlarge)


All loans are provided subject to status and affordability. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian which could affect your credit record if you do not keep up to date with your repayments.