- If employed by one of our payroll partners you may apply for a payroll loan of up to £7,500. This is available without a savings history with us.
- Interest rate is between 0.5% per month (6.2% APR) and 2.5% per month (34.5% APR), depending on the size of the loan.
- Repayment period up to 60 months.
- You will be required to save alongside your loan at the rate of £3 per week (for a loan of up to £1,000), £4 per week (for a loan up to £5,000) and £5.00 per week (loans above £5,000). These savings cannot be withdrawn while the loan is in place.
- The repayments on the loan as well as required savings will be taken directly out of your salary by your employer.
- You may apply for a top-up when 50% of the loan has been repaid.
- If you top up your loan before it is fully repaid, your required savings will be retained in your account.
Use our standard application form to apply for a payroll loan. If approved, we will get in touch with your employer’s payroll department to set up the repayments.