Payroll Members

Salford Credit Union welcomes Payroll members- helping you to reach your goals

If you work for one of our Supportive Employers Salford Credit Union can provide a safe and convenient way to save and borrow

We offer:

  • Savings or loan repayments taken automatically from your wages on Payday
    • So you’re not tempted to spend it
    • And savings build up automatically
  • Available savings can be sent electronically to your bank account
    • We don’t pay interest but when we make enough profit at the end of each year a dividend is paid to members
  • Access to some of our most competitive loan rates
  • No early repayment fees- you can repay the loan early if you can afford to
  • Interest is charged on your outstanding balance so will decrease with your decreasing balance
  • We can often help people who don’t have great credit scores
  • We encourage you to keep saving regularly even while repaying your loan-building up a nest egg
  • A way for you to help yourself and your work colleagues and keep money in your local community by supporting your local financial co-op

Become a Payroll Member now

  • Check your employer is one of our Supporting Employers- see list of employers below
  • Complete the online membership form here…Membership form You will need your National Insurance number and bank details
  • If your application is successful we send you a Welcome Pack in the post and will also email you a Payroll Deduction form
  • To get Payroll member benefits you must complete and return your Payroll deduction form
    • Provide your employee details and say how much you will save
  • We contact your Employer and get your Credit Union payments set up
  • The payments will start from the first available Pay Day. Your Payroll department cut off dates might mean first payment not in the first month.

Exclusive Payroll member loans- now LOWER than our standard loans

  • You can apply for a Payroll loan NOW if you are employed by one of our Supporting Employers
  • Check you can afford loan repayments by using our Budget Planner SCU Budget planner to check your income and outgoings
  • Interest rates for Payroll loans are LOWER than our standard loans (conditions apply)
    • Loans of £100-£5000 at 16.1% APR
    • Loans of £5,001- £7000 at 12.6% APR
    • Loans of £7001-£7500 at 7.5% APR
  • Apply online NOW…Loan application

REPRESENTATIVE EXAMPLE: Borrow £1000 over 12 months at 16.1% APR. Pay £90.13 each month on the loan. Total interest £81.49- repay £1081.49save around £790 compared to doorstep lenders such as Provident!

AND-because we are a credit union, we encourage you to save- so if you agreed to £100 deduction each month, we’d take part for the loan and put the rest in your savings. By the time you’d paid off your loan you would have also saved £118- you benefit twice!

REPRESENATIVE EXAMPLE: Borrow £2000 over 24 months at 16.1% APR. Pay £96.99 each month on the loan. Total interest £327.76- repay £2327.76 save around £172 compared to lenders such as Nat West!

AND-because we are a credit union, we encourage you to save- so if you agreed to £110 deduction each month, we’d take part for the loan and put the rest in your savings. By the time you’d paid off your loan you would have also saved £312- you benefit twice!

Help yourself, your colleagues and your local community- choose Salford Credit Union for your Savings and Loans today!
Supporting Employers

Current Supporting employers

Employees of the following organisations who live or work in Salford, North Manchester and Prestwich (see map) may pay into the credit union by payroll deduction

  • Salford City Council
  • Salford Community Leisure
  • Salix Homes
  • City West Housing
  • Pennine Acute Hospital
  • Manchester Mental Health & Social Care Trust
  • North Manchester General Hospital
  • Salford Royal NHS Foundation Trust
  • Aspire Intelligent Care and Support

Related pages

Check with us what protection the Financial Services Compensation Scheme offers you. www.fscs.org.uk