Payroll Saver Loan – For members of Payroll Partner organisations only.
Are you contemplating any new projects at home?
A long awaited update to the kitchen, a beautiful new bathroom or possibly even a garden renovation? As holidays abroad or even at home look uncertain in 2021 why not transform your garden to an oasis to enjoy the summer sunshine!
Whatever your project we are sure one of our low cost loans could help.
Please Check out our Partners page to see if your employer has a Payroll Scheme with us.
A Payroll Loan with NEFirst Credit Union can offer you:
• Competitive interest rates and we will match any formal offer from another lender.
• Once approved, money in your account same day (subject to daily cut off times)
• No early repayment charges; no admin charges or set up fees
• Build up savings as you pay off your loan by saving a minimum of £5.00 per month, so you will always have a little tucked away for rainy days!
• A decision within three days of receipt of the information needed
• Pay off over a period of up to 5 years
• Payments (loans/savings) taken automatically from your wages on Payday
• The interest you pay stays in our local community- helping make everyone better off
Payroll Instant Loan up to £1,000 – APR 42.6%
A much cheaper alternative to Pay day and doorstep lenders.
You can apply for an instant payroll partner loan of up to £1000. This loan will not include a formal credit check and the decision will be based your income and expenditure to ensure affordability.
Examples at 42.6% APR
£500 over 12 months
Your monthly repayment will be £50.23. the total amount repayable will be £602.77, therefore the loan will cost you £102.77.
£1,000 0ver 2 years
Your monthly repayment will be £59.05, the total amount repayable will be £1,417.14, therefore the loan will cost you £417.14.
Payroll Loan £1,001-£5,000 19.6% APR
Cheaper than many credit cards and overdraft rates. You will be subject to a credit check and will be required to provide 3 months bank statements with your application.
Examples at 19.6% APR
£3,000 0ver 2 years
Your monthly repayment will be £149.82, the total amount repayable will be £3,595.66, therefore the loan will cost you £595.66.
£5,000 0ver 3 years
Your monthly repayment will be £180.84, the total amount repayable will be £6,510.36, therefore the loan will cost you £1,510.36.
Payroll Loan between £5,001-£10,000 10.0% APR
For those larger purchases, car or home improvements and remember we will also match any formal offer from a bank or building society.
Examples at 10.0% APR
£7,000 0ver 4 years
Your monthly repayment will be £176.09, the total amount repayable will be £8,452.44, therefore the loan will cost you £1,452.44.
£10,000 0ver 5 years
Your monthly repayment will be £210.36, the total amount repayable will be £12,621.35, therefore the loan will cost you £2,621.36
You will be required to provide 3 months bank statements with your application.
Payroll Loan Details
A Payroll Loan with NEFirst Credit Union can offer you:
- Competitive interest rates and we will match any formal offer from another lender.
- A decision within three days of receipt of the information needed
- Once approved, money in your account same day (subject to daily cut off times)
- No early repayment charges; no admin charges or set up fees
- Build up savings as you pay off your loan by saving a minimum of £5.00 per month, so you will always have a little tucked away for rainy days!
- Pay off over a period of up to 5 years
- Payments (loans/savings) taken automatically from your wages on Payday
- The interest you pay stays in our local community- helping make everyone better off
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Monthly Repayment:-
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Representative APR:-
You must already be a member to apply. Please contact us or visit Become a member for more details.
Payroll Saver Loan Benefits
Benefits for employees
• Saving straight from their pay packet – they won’t miss it
• A preferential APR %
• Putting some money away for a ‘rainy day’
• Planning for a big event; Christmas, holidays, weddings
• Earn dividend on savings*
• Apply for a loan at affordable rates
• Avoid high-cost credit, bank fees
• Simple loan repayments straight from their wages
• Life insurance included (terms and conditions apply)
• Confidential; individual’s savings or loans are not disclosed to the employer
Benefits for employers
• Reduce employees’ financial stress, absenteeism
• Reduce salary advance and loan requests
• Reassurance that employees have access to affordable finance
• Employees taking responsibility for managing their own money
• Improve employee financial wellbeing
• Corporate Social Responsibility
• Support local social enterprise