Payroll Loan

Payroll Loans are designed for employees of our payroll partners. They are for loans between £50 and £7,500 with a preferential loan rate of 9.9% to 26.8% APR. How much you can borrow and the interest rate is dependent on application, your credit score and affordability.

Loan repayments are deducted directly from your salary by your employer, making the loan repayments easy to manage. We do not charge any extra fees if you want to repay your loan early.

Our payroll partners include:

Stockport Homes Group
Disability Stockport
Borough Care
Pure Innovations
One + All School wear (formerly Rowlinsons)
Stepping Hill
Most schools in Stockport
Seashell Trust
Age Concern
Allied Bakery
Care in Mind

Keep scrolling to get a quote and apply…

How to apply

The quickest way to apply for a Loan and become a member is to download our mobile banking app Nivo.

Nivo uses a combination of security, authentication, and identity verification controls including biometric AI and encryption. This means that you can be assured that your details are safe and the application process will be straightforward.

The Nivo app allows you to apply for products and message 24/7.

More Information

All loans offered are subject to status and eligibility criteria, including an affordability check and credit references. The interest rates offered will depend on your own circumstances, and high value loans may require higher credit ratings.

While you have a credit union loan, you must continue to pay at least £1 weekly or £5 monthly into your savings.

Benefits of a Stockport Credit Union Loan

  • Interest is calculated daily on your reducing balance
  • You can pay off your loan early or make extra payments without penalties
  • There are no set up or administration fees
  • You can save at the same time as repaying a loan
  • You can repay by Standing Order, Cash or Cheque, and if you have a Payroll Loan you can repay it directly from your salary
  • Grow your savings at the same time as having a loan, work towards financial independence

How does the interest work?

Interest on credit union loans is charged monthly on the declining balance. This means that 42.6% APR = 3% per month / 26.8% APR = 2% per month. Using an APR helps you compare loans between lenders.

For example, suppose that you borrow £100 from us at 2%. At the end of the first month we will add 2% interest (i.e. £2) and you will owe us £102. If you pay off your loan at £10 per month, at the end of the second month you will owe us £92. We will then add interest on that at 2% (£1.84); and so on. 

You may be offered a different interest rate based on your personal circumstances or previous repayment history.

Do you use credit reference agencies?

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?

Lending decision and APR is subject to credit status and affordability criteria.

Do you use Open Banking?

Stockport Credit Union uses Open Banking to assess your affordability to repay loans.

Open Banking is the secure way of providing access to your bank or building society account to providers who are registered for this purpose. Registered providers and participating banks and building societies are listed under the Open Banking Directory.

Open Banking was set up by the UK Government to encourage more competition and innovation in the financial services sector.

As a forward thinking lender, we support the use of Open Banking as it allows us to process loan applications efficiently, securely and in our consumer’s best interests. By permitting access to your bank or building society account information we are able to make a better lending decision as we shall be able to verify your income, outgoings and other matters in order to assess what loan terms would be suitable for you based upon what you can reasonably afford to repay.

Further information about Open Banking is available from You can find more information on how the information will be processed and retained on Stockport Credit Union’s Privacy Notice on this website.