Salford Credit Union has launched a new payroll loan and savings deal to benefit workers across the city.
The new payroll loan is the union’s most competitive rate to date and aims to support employees become more financially stable – moving away from taking out expensive credit cards and pay day loans.
The union, who already has organisations that are members as payroll partners – to benefit their staff – including Salford City Council, is looking for more businesses to sign up.
As a payroll partner, an organisation is able to offer staff the opportunity to borrow and make repayments directly from their wages on payday – as well as making it easy to save on a regular basis.
Chief executive of Salford Credit Union, Sheila Murtagh, said: “We want to make sure workers across the city benefit from having access to a competitive, ethical and local lender. The payroll loan is a convenient way to borrow, as you can pay back directly through your pay, and also has the benefit of having a savings plan alongside it.
"We want to make sure workers across the city benefit from having access to a competitive, ethical and local lender and would urge more organisations to become payroll partners."
CEO of Salford Credit Union, Sheila Murtagh
“I would urge more organisations and businesses to sign up as a payroll partner to support their employees by making sure if they are going to take out a loan that it is done with a provider that has their best interests at heart."
The new Payroll Loan offers the Salford Credit Union’s lowest interest rates to date – and a person can borrow up to £7,500 on terms from six to 60 months.
Payroll members borrowing from Salford Credit Union can expect to save money compared to turning to high street lenders. For example, a £2000 loan with a repayment term of 24 months offers a saving of around £172.00 compared to other lenders such as NatWest.
For more information on Salford Credit Union go to http://www.salfordcreditunion.com/
Pictured is chief executive of Salford Credit Union Sheila Murtagh (centre), board member, Jim King (left) and Salford City Mayor, Paul Dennett
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