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Borrow from £300 to £500
Our New Employee Loan can help with an instant loan to bridge the financial gap until you receive your first wage. It provides money to help pay bills, buy food and any travel to work costs.
It is also a great way to become part of the Suffolk Credit Union and provide financially for you and your family in the future.
Conditions
You must work for one of our partner organisations, and be recently employed.
All payments must be made by payroll.
The loan must be repaid over 12 months.
You must save a minimum of £10 a month or more on top of your loan repayment.
You are not eligible for any other loan until this loan is repaid in full.
Benefits
• Free Loan Protection
• Free Life Savings
• Fixed interest rate of 25.9% APR
• Your savings grow as you repay the loan
Examples of Loans and Repayments
| Loan Amount | MonthlyPayroll Deduction | To Savings | To Loan Repayment | Total Interest Charged Over 12 Months |
| £300 | £38 | £10 | £28 | £40.36 |
| £400 | £48 | £10 | £38 | £53.81 |
| £500 | £57 | £10 | £47 | £67.28 |
There is a one-off £5 membership fee which enables you to be a co-shareholder in Suffolk Credit Union.
Once you have repaid your loan you can either withdraw your savings, or leave them intact and have a loan of four times the amount you have in savings at the normal member rate of 12.7% APR. Or you can leave your savings in your account to earn a dividend.
Contact us to apply