A savings and loans provider has launched an exclusive loan deal to compete with high street lenders and help the city’s employers to support their workers’ financial wellbeing.
Salford Credit Union, a not for profit savings and loans provider that exists solely for people who live and work in the city, has launched a loan deal with an APR of 18.90% that will be available exclusively to the nine employers who are ‘payroll partners’ to the credit union.
The partnership enables employers to offer staff an easy way to save and borrow through payroll deductions, and includes some of the largest employers in the city, from Salford City Council to Salford Royal Foundation Trust.
It is free for employers to sign up to become payroll partners with the credit union, and there is no charge to workers who choose to have Salford Credit Union savings and loan deductions made through their pay.
The deal will mark the launch of Credit Union Awareness Week in Greater Manchester on Monday, June 24, and will last for 28 days.
Chief executive of Salford Credit Union, Sheila Murtagh, said: “The employers we work with tell us that money worries are a real concern for many of their staff – and they’re not sure how to help.
“We exist to make sure local people feel better off – so to be able to offer an exclusive deal to staff, who work for our payroll partners will go some way to help people avoid costly pay day lenders or credit cards and instead borrow from an ethical, local company.
“We encourage anyone interested in finding out how much they could save by borrowing from us to visit our website and get a quote.”