Payroll for Employers

An employee benefit that is designed to help your employees feel happier about their finances.

Your employees can be part of the Credit Union movement that is over 1.5 million strong and counting in the UK. 26% of working-age adults in the UK have no savings, Credit Union membership can turn borrowers into savers. Over 70% of our members continue saving regularly after repaying a loan. This helps employees manage their money and reduces absenteeism and stress, increasing productivity. Credit Union membership gives everyone access to the tools and products they need to improve their financial life.

Access to loans at an affordable interest rate
Break the cycle of debt by saving as they repay their loan
Simple, all our processes slot seamlessly with your payroll
Regulated, we are regulated by the FCA, and deposits protected by FSCS

How we work with you

We understand each employer is unique and we will create an engagement plan bespoke to your organisation.

Knowledge

We can attend a range of events and benefit days throughout the year, and help turn financial goals into realities.

Support

We deliver a range of practical seminars, workshops and 1-1 sessions. Helping your employees plan a more secure financial future.

Advice

Financial Wellbeing Portal. All members can access our portal wherever they are.

Employer FAQ

Find answers to commonly raised questions.

Who are Eastern Saving & Loans?

We are the biggest Credit Union in the East of England. We work directly with employers to offer affordable borrowing to employees directly from their salaries. Our service is free of charge for employers.

What is a Credit Union?

We are a regulated financial cooperative. Our profits are shared with our customers. Credit Unions have been operating in the UK since 1964. There are Credit Union based on professions like BAE systems, Royal Mail, Police or NHS, or based on geography like ours. You can compare other Credit Unions at Find Your Credit Union website.

Organisations like Money Expert and government bodies like The Money Advice Service all have information on their website about Credit Unions. We also have a trade body called ABCUL, more information about Credit Unions in the UK can be found here.

Is there any risk or liability to my business?

There is no risk for employers. We are regulated by the FCA and PRA and are fully responsible for all of the loan processes. All of our deposits are protected by the FSCS, and our processes are approved by the Charted Institute of Payroll.

What do you mean by affordable rates?

Our loan interest rates have been designed to offer an ethical alternative to Banks, Credit Cards and Payday or Doorstep lenders. Part of the way we give back our profit to our members is by offering reduced interest rates on loans. As a Credit Union, the maximum interest rate we can charge is set at 3% per month by the Credit Union Act 2012. Giving your employees security that we will not hike up the rates in the future, is enshrined in law.

Are my employees eligible?

We are able to offer Credit Union savings accounts to ALL your employees and volunteers. To offer one of our loans, we’ll need your employees to meet the following criteria.

– Aged 18 or over
– They have not been discharged bankrupt or completed a Debt Relief Order in the last 3 years.
– They have not completed an Individual Voluntary Agreement (IVA) / or a debt management plan within the last 2 years.
– Are borrowing for their personal needs and not for business or towards buying property.

Are you not encouraging more debt?

No, as a Credit Union, we are ethical and more human-centric than other financial institutions. We’re focused on achieving more together. As your employees are able to save while repaying their loans, we actively support breaking the cycle of debt. All our loans have to pass an affordability check, which ensures any loan we offer is in the best interest of our members.

What if my employee is struggling with repayments?

As an ethical financial institution, we will never use a debt-chasing company, and do NOT charge late repayment fees. Our whole process is about supporting our members. We do this by adapting repayment amounts and frequency to suit the member and freezing interest.

Is there much admin for me?

Our process slots in seamlessly with your payroll to coordinate deductions. Our processes are approved by the Chartered Institute of Payroll. Each month we will ask you to send over a short spreadsheet breaking down the deductions per person. This changes very infrequently, normally when we just sign up more of your employees.