Payroll Loan
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 take advantage of our Payroll Loan – exclusively available for members like you?
Our competitive interest rates make our Payroll Loans a wise way to finance your home improvements, a new car, or that holiday of a lifetime you have always dreamed of.
Our Payroll Loans also come with our Price Guarantee - so if you are offered a cheaper loan elsewhere, we will beat it. For full details see our Price Guarantee page.
How much can you apply for?
| Borrow | Repay Over | Interest Rate |
|---|---|---|
| £200 - £999 | 6 to 24 months | 42.6% APR |
| £1,000 - £2,999 | 6 to 36 months | 19.9% APR |
| £3,000 - £4,999 | 12 to 60 months | 15.9% APR |
| £5,000 - £7,499 | 12 to 60 months | 6.9% APR |
| £7,500 - £15,000 | 12 to 60 months | 5.9% APR |
Key Features
- Apply straight away – no need to save first
- Affordable repayments over a term of up to 5 years
- Simple repayments - deducted straight from your pay
- Save alongside your loan repayments
- No set-up fees and covered by our Price Guarantee
- No early repayment fees if you want to settle the loan early
Eligibility Criteria
You can apply for this loan if:
- You are employed by one of our Payroll Partners / Participating Employers
- You are not currently in an IVA
- You have not had a Debt Relief Order or Bankruptcy order in the last 2 years
You can apply for a further loan (top-up) when:
You have repaid at least one third of your initial loan balance
Before You Apply...
Either make sure you have your last 3 months' bank statements ready to send
OR if you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need to send:
- A copy of your latest payslip, so we can set-up the deductions from your wages
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
What Are Your Chances?
- You are More Than a Score to us, so we won’t make a decision just based on your credit score
- If applying for more than £1,000 you will have a better chance of your loan being approved if you have a good recent credit record (e.g. not missing payments elsewhere, no recent defaults, no outstanding County Court Judgements etc.)
- If you have a poorer credit file and have built up savings with us, you may be more likely to be approved for a Savings Based Loan
Frequently Asked Questions
To find out if you’re eligible to apply for one of our Payroll Loans please check whether your employer is on our list of participating employers.
If your employer isn't listed, why not ask them to join up? It is free to them, and a great benefit to offer to you and your colleagues.
In the meantime, our Progress Loan also offers great rates and are available to anyone, regardless of your employer. With our other loan products, you can make loan repayments by standing order or benefit transfer, see our paying in page for more details. If your employer then signs up later on, we can switch you over to our Payroll Loans at that point.
No. Even though repayments are made directly from your wages this does not guarantee a loan with us. All our loans are based on an affordability and credit check.
No. When we set-up your payroll deductions with your employer, we just arrange for a set amount to be deducted to your pay and paid across to your credit union account. We won't tell them whether this is for savings, a loan repayment or a combination of the two. We guarantee complete confidentiality.
Yes! You are welcome to apply for a top-up loan once a third of the balance has been repaid. E.g. A £3000 loan will require £1000 repaid before applying for a top-up.
Yes. We offer a paper loan application. You can request one by calling our telephone helpline or emailing our admin team. We will then send your loan application in the post. Alternatively you can collect one from our office.
Alongside your application form, we will also need the following:
- Your most recent three months' bank statements.
- If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
- If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
- If you have any other income not shown on your bank statements, proof of income - such as a wage slip if you are paid in cash, or letters for any benefits or pensions.
Calculator
APR 17.5%
I'd like to borrow (£200 - £15000)
Over a period of:
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with Sheffield Credit Union.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. Sheffield Credit Union accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. 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.