Payroll Loan

Convenient, stress-free borrowing with Acorn’s Payroll Loan.

We know that many employees face financial worries, from paying bills to managing the increased cost of living. These challenges can create significant stress but having a safe option for borrowing and savings can provide a cushion to ease the financial strain. This is why we have partnered with many leading employers to provide a safe ethical and affordable option for borrowing and savings to their employees. Our Payroll Loan allows you to borrow from day one, with repayments automatically deducted from your salary for a stress-free borrowing.

Loan amount: Borrow up to £7500, with competitive interest rates starting from just 0.5% per month (6.2% APR)

Easy repayments: Repay conveniently with amounts deducted directly from your salary.

Save as you borrow: Build a financial cushion while repaying your loan. Save £3 per week for loans up to £1,000, £4 per week for loans up to £5,000, and £5 per week for loans above £5,000. These savings remain locked until the loan is paid off.

Eligibility includes Acorn membership, employment with a payroll employer, credit, and affordability checks, ensuring the loan is tailored to your financial situation.

Not a payroll partner? No problem! 

If your employer isn’t currently part of the scheme, don’t worry! Simply email us at payroll@acorncb.co.uk or fill out the form below with your details, and we’ll get in touch with your employer to discuss joining our employee benefit scheme.

Join Acorn and start saving today while enjoying easy access to affordable loans when you need them, all with the peace of mind that your repayments are automatically managed.

Apply now to experience the convenience and security of Acorn’s Payroll Loan.

Apply today

  • Eligibility

    • Aged 18 or over.
    • A member of Acorn.
    • Can provide proof of ID and regular income.
    • Employed by an Acorn Payroll Partner.

  • Terms & Conditions

    • No fees or penalties for early repayment.
    • Loans subject to credit search and other lending checks.
    • Make the required contributions towards locked savings

  • Your Loan

    • Up to £7500.
    • From 0.5% – 2.5% interest per month (6.2% – 34.5 APR).
    • Loan term of up to 5 years.
    • Loan repaid through direct salary reduction.

What might you pay?

 

The figures below are illustrative examples of typical monthly repayments and total interest. Your exact repayment schedule will be confirmed once your loan is approved.

Loan Value Illustrated Payment Term Monthly Repayment Monthly Required Savings
£500 12 months £49 £8
£2000 24 months £106 £16
£7500 60 months £146 £20

Benefits of this loan

  • Convenient & affordable repayments

    Convenient repayments directly through salary deductions. Choose to spread the cost over 5 years making repayments manageable.

  • Fair eligibility checks

    Tailored loans based on credit and affordability assessments as required, ensuring responsible lending.

  • Top-up loan

    Top-up your loan balance after 6 months and once 30% of the loan has been paid off subject to meeting the eligibility criteria.

  • Saving alongside borrowing

    Build a financial cushion while repaying your loan. Save £3 per week for loans up to £1,000, £4 per week for loans up to £5,000, and £5 per week for loans above £5,000. These savings remain locked until the loan is paid off.

Why choose Acorn for ethical, flexible and affordable loans?

We’ve designed our loans to be ethical, affordable and flexible because we know one size doesn’t fit all. Check out how our approach can work for you.

  • 1

    Community-driven: As a cooperative, at Acorn we prioritise your well-being, offering loans to help with essential expenses like education, home needs, and financial emergencies while promoting responsible borrowing and saving.

  • 2

    Affordable options: With fair interest rates and flexible repayment terms, Acorn ensures you can manage your loans effectively, with solutions tailored to your financial needs.

  • 3

    Saving while borrowing: Members are encouraged to save alongside loan repayments, helping build a financial safety net for the future.

  • 4

    Regulated and secure: Your money is safeguarded under the Financial Services Compensation Scheme (FSCS), offering peace of mind with every transaction.

Take control of your finances with Acorn’s affordable, flexible loans. Start saving while you borrow and join a community committed to your financial well-being.

 

Apply today

Testimonials

  • “I have been a customer with Acorn community bank for 20 years, they have always been very professional, very polite and interested in me. I have always been more than satisfied with the service I have received.”

    Chris – ⭐⭐⭐⭐⭐

  • “Excellent service, kind, friendly and efficient staff. I have used for savings and loans for over 10 years and trust them completely.”

    Debbie – ⭐⭐⭐⭐⭐

  • “I have always struggled to save money in the past, but Acorn has made that easy for me.”

    Sandie – ⭐⭐⭐⭐⭐

  • “Easy access to your savings. Great customer service. They are always helpful and polite. When needing a loan, they are always quick to respond.”

    Jasmine – ⭐⭐⭐⭐⭐

  • “A wonderful asset to the community allowing one to save a little a week and build a contingency fund and get it if you need it. They are very friendly and helpful to talk to if you need help. Your savings helps others in need in the community get access to a loan with sensible APR’s.”

    Anna – ⭐⭐⭐⭐⭐

  • “Love this credit union. Has great and unique savings products on offer that stand out from all other savings providers. Particularly for those who can only save modest amounts. Hopefully Acorn continues with offering these different and innovative savings products and add even more!”

    Richard – ⭐⭐⭐⭐⭐

  • The back-office support goes beyond expectations. There was a time when I called them because I could not make a withdrawal after logging in. It was simply because I had not logged in for a long time. I was immediately assisted to make the withdrawal.”

    Aggay – ⭐⭐⭐⭐⭐

  • “Acorn enables me to save monthly so that I can support people in the community, who may need a little help. It is easy to organise, and I know my money will be safe.”

    Keith – ⭐⭐⭐⭐⭐

Struggling with loan repayments?

We understand life’s challenges can make repayments tough. At Acorn, we offer tailored support, flexible repayment plans, and guidance to help you stay on track. Act early to protect your financial health and credit rating.

? Call: 0303 030 0147
? Email: office@acorncb.co.uk

Need extra advice? Contact trusted organisations like StepChange, Citizens Advice, or National Debtline for free, impartial support.

At Acorn Community Bank, you’re not alone find out more on how we can support you. Let’s build a brighter financial future together. Reach out today.

Need help?

App download

Managing your finances should be simple and accessible. Our user-friendly Acorn mobile app puts you in control.

  1. Apply for loans anytime, anywhere: Can apply for a loan from the comfort of your home, at a time that suits you. Everything can be done from your phone or tablet.
  2. Fast & efficient processing: Most of the necessary checks are automated, ensuring efficient processing and quicker response.
  3. Application tracking: Monitor the progress of your loan application as it moves through each stage and easily upload requested documents. In the testing phase.
  4. Enhanced security: The Acorn app is equipped with PIN protection, ensuring your information remains safe and secure.
  5. Easy management: Track your loan repayments, access your transaction history, and check your outstanding balance with just a few clicks.

With the Acorn app, you can enjoy a convenient and secure way to manage your loan and take control of your finances. Download the Acorn app today and experience the convenience of banking at your fingertips.

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