Payroll Loan Offer

Special Rate Payroll Loan

Set up Payroll deduction and apply to borrow £500 at a special rate.

Valid from 17th - 27th September

To apply for this loan you must join the Credit Union and set up a Payroll deduction from your wages to your credit union account. You can apply the same day as you join & if approved (all loans are subject to an affordability & a credit check), we will send you an email & text message when a loan decision is made. It can take up to 3 days for a loan decision depending on demand. If you have an email address we will email the loan agreement for you to sign. Your loan will be available for withdrawal as soon as we have confirmation the Payroll deduction has been set up.


  • Special interest rate during your loan
  • The quicker you repay, the less interest you pay
  • Free Loan Insurance (conditions apply)
  • Loan paid direct into your bank account

£500 loan compared with an average high street overdraft of £500.




Total Payable













Repayment + Charges


Average EAR

Bank Overdraft




19.6% + Charges





19.6% + Charges


 *This rate is valid on all applications for a £500 loan repaid via Payroll Deduction up to and including 27th September 2018. 

How does it work?

  1. Join the Credit Union and complete a Payroll deduction form, and send it to us.
  2. Apply for a loan and once approved, sign the loan agreement. 
  3. £500 transferred to your bank account. 
  4. Your payroll deduction will come into your credit union account with us and we will take the loan repayment. 

You do not have to save during the course of your loan, but you can if you choose.

It is easy to apply
You can join us online and apply for the loan the same day, all on our website. 

You may need to provide proof of your income, 

  • Payslips for last three months
  • Bank statements for the last three months
  • Information on all existing loans, credit cards and other debts.

Note: Loan repayments are still due if you leave your current employer during the term of the loan. Failure to make scheduled loan repayments will lead to arrears action and may affect your credit history.


What is a Payroll Loan?

If you work for one of our Payroll Partners you could have a loan of £500 at a special rate, valid for all applications up to 27th September 2017. This is conditional upon payroll deduction being paid directly into your account with us and passing our affordability and credit checks. 

Who can apply for a Payroll Loan?

Anyone who works for one of Payroll Partners: East Of England Coop, Ipswich Borough Council, South Norfolk Council, Queen Elizabeth Hospital Kings Lynn or Cambridge City Council. Can join ESLCU and apply for the special rate £500 loan.

What happens to my Payroll deduction when it arrives?

It will be used to make your loan repayment, any amount over the repayment amount will be paid into your share account. 

My Payroll Loan has been approved, how long before the funds are in my account?

If your loan is approved, you will need to sign a loan agreement. We will release the funds the same day we receive Payroll deduction form and have the signed loan agreement back.

Can I “top up” a Payroll loan?

As this is at a special rate, you need to completely pay back this loan first. You can track the balance of your loan by registering for online banking, or calling us on 03336 000690

Can I get a normal loan with you?

Once you have repaid all of your Payroll loan, you will be eligible to apply for any of our other loans. The amount we lend you will depend on your income and expenditure and passing a credit check.

How do I access any savings?

You can call us on 03336 000690 or register for online banking and request a transfer. All transfers are normally processed within 2 hours.

Can I pay my loan back early? Are there any fees for this?

You can clear the balance of a loan at any time and we do not charge any fee for this.