Here at Stockport Credit Union, we understand how financial stress affects your health, so we are dedicated to offering responsible and affordable loan products.
What Payroll Deduction Loans does Stockport Credit Union offer?
Because we know our members’ situations can vary, we offer a range of Payroll Deduction Loan products:
• Starter Loan – for those with a poor credit history, we can lend up to £500.
• Standard Payroll Loan – we can lend up to £5,000 (APR 19.6% – 26.8%)
• Payroll Plus Loan – for employees with a good credit history we can lend between £3,000 and £7,000 (APR 9.9%)
This summary is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing. All loan decisions and actual rates are dependent upon personal circumstances. Ask for a personalised illustration. Loan products may be withdrawn at any time and are subject to availability at the time of application
Do Stockport Credit Union charge fees to take out a loan?
At Stockport Credit Union we believe in ethical and responsible lending. Therefore we do not charge early repayment fees or administration fees on any of our Loans.
We do however require that you continue to pay into your Payroll Savings (£1 weekly or £5 monthly). This means you can grow your savings at the same time as having a loan, working towards your financial independence.
How do I repay my Stockport Credit Union Payroll Loan?
By borrowing through a Payroll Deduction Service, this means that your payroll deduction loan repayments will be deducted directly from your salary. We believe this makes your loan repayments easier to manage.
What interest will I pay on a Stockport Credit Union Payroll Loan?
We do offer smaller payroll deduction loans for those with a poor credit history but as you save and borrow with us, we may consider you for other loan products with better rates of interest.
Our interest rates vary between 9.9% APR – and 26.8% APR. The rate will be based on your personal circumstances or previous repayment history. Get in touch with our team or complete a loan application form today and get an answer within 48 hours.
Apply for a Payroll Loan in 2 easy steps
Become a member
Complete Loan application form
• Lending decisions and APR are subject to credit status and eligibility criteria, including an affordability check and credit references.
• Interest rates offered will depend on your own circumstances, and high-value loans may require higher credit ratings.
• We may carry out a check with a credit reference agency and share information with them as long as you hold products with us. If you would like to know more about how we use your information please download the guide below: What happens to my data?
• If you change jobs you will still need to pay off your loan you will just need to set up a standing order to send us the money. Please contact us and we can help you with this.
• If you’re struggling to pay your loan – please contact us as soon as possible, we want to help you and we have various options that we can offer you.