Payroll Deduction - Employees

Payroll for Employees

Save and access affordable loans in an easy, straightforward way

Payroll Scheme is offered to employees of partner organisations as a staff benefit. You specify the amount you wish to save and this is deducted from your salary via your employers payroll and transferred directly into your account. If you wish to apply for a loan repayments are made in the same way. You can set up a standing order transfer direct from your bank account if you would prefer. You do not need to have savings with us before you take out a loan and new members can apply too. We consider all loan applications from our members individually, helping you to borrow responsibly.

  • A single deduction from salary
  • Affordable and flexible loans
  • Christmas Club and Holiday accounts
  • No set up fee and no early repayment penalty

We are working with your employer to offer you the opportunity to save or to take one of our loans at competitive interest rates, repaid direct from your salary. Once you have become a member of the credit union you can apply online for a loan for home improvements, car purchases, weddings, holidays, whatever you need.

Your repayments or savings with the credit union come direct from your pay. Your employer will not know the purpose of your salary deduction.

All you need to do is open an account with us online and instruct the payroll department to set up a deduction of an amount of your choosing. You can also set up a standing order direct from your bank if you prefer.

Savings

You can set up a Payroll deduction to save on a regular basis from your salary.

Loans

Because Eastern Savings & Loans does not have to pay shareholders, we can provide loans with low interest rates that are suitable for everyone. You do not need to have savings with us before you take out a loan, you can join our Credit Union and apply for a loan the same day.

We have three loan products, the Starter Loan, for short term credit needs, (£500 - £1,000). The Flexible Loan, (£1,000 - £3,000) and the Advantage Loan (£3,000 - £7,500) for larger longer term borrowing. Our interest rates are very competitive and with no fees or charges for early or additional repayments, we could save you money.

If wish to apply for a loan the repayments are made in the same way as your savings from the same transfer.

Important Note: We consider all loan applications from our members individually, helping you to borrow responsibly according to your ability to repay.

If you would like any further information on Credit Union membership and how you can save direct from your salary.

Please email office@eslcu.co.uk or call 03336 000690 to speak to a member of our team who will be happy to help