Key facts
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Credit score – poor+
You can apply for our payroll loans even if you have a poorer credit score.
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Member exclusive?
No. But you must work for a participating employer. If you are not currently a member, you can join then apply for a Payroll Loan.
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Save first?
You do not need to save first for a Payroll Loan.
Loan calculator
Use our loan calculator to get an idea of how much you could borrow and what your repayment terms could look like with a loan from us.
Representative example
- The interest rate you pay, and the amount you are able to borrow may vary depending on your saving and loan record with South Yorkshire Community Bank.
- All figures given on this website are for your general information only, and give a rough guide to loan repayments. Any statements on this website do not purport to be authoritative or legally binding.
- All information contained on this web page is correct at time of publishing. South Yorkshire Community Bank accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
- All repayment values are inclusive of interest.
Key features
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Payments deducted from payroll
Your payments come straight from your employer before you receive your salary.
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Your employer won’t know
Whether you are saving, borrowing or both, your employer doesn’t know what the payments are for – that’s strictly between us.
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For employees of participating employers only
You can check for participating employers. If they don’t, why not suggest it?
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We open an Easy Saver for you too
Making it easy for you to build up a nest egg at the same time.
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Look after your financial wellbeing
With preferential rates and peace of mind knowing your payments are made before you receive your wages.
How does it work?
- Apply for a Payroll loan, letting us know who you work for.
- We’ll automatically set up your membership as part of the process.
- If you’d like to save too, email us on payroll@sycb.co.uk and tell us how much you want to save – we can split the amount for you when we receive it.
- We’ll set up deductions with your employer – which they may ask you to confirm – and you’ll see them on your payslip.
What our happy members say
“No fuss and easy to manage your account. I have money stopped directly from my wages every month, there’s no hassle, easy to withdraw and very helpful if needing a loan. Top rated service.”
Karina P
Am I eligible?
All loans will be assessed individually, but as a minimum you will need to:
- Be employed by one of our Payroll Partners/Participating Employers
- Have a regular income of at least £800 per month, or equivalent
- Not have had a Debt Relief Order of Bankruptcy order in the last 2 years.
- Not be currently in an IVA.
You can apply for a further loan (top-up) when:
- You have repaid at least 1/3 of your initial loan balance.
Application process
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Apply Online
Applying online is quick and easy and takes less than 10 minutes.
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Decision Time
Once we have received your completed application, including your bank statements, we will send you an expected decision date.
Loans are currently taking 1 to 2 working days for a decision.
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Payment
If your loan is approved, we will contact you to let you know how to sign your loan agreement.
As soon as you have returned your signed agreement to us, your loan money is usually sent to your bank account on the same working day.
What you’ll need to apply
Make sure you have either:
- Your last 3 months’ bank statements ready to send, OR
- If you have mobile or online banking, you can give your bank consent to transfer your last 90 days of transaction data, using the secure link provided in the application
You will also need:
- A copy of your latest payslip, so we can set-up the deductions from your pay
You may also need to send:
- Proof of any income not showing on your bank statements
- If you receive Universal Credits, a copy of your breakdown showing the elements you receive
Get the app
Did you know you can manage your savings and loans with our app?
Scan the QR code on your mobile device to download the app now.
Payroll Loans FAQs
Below you will find out most frequently asked questions about our Payroll Loans. For more FAQs, explore our Resources hub.
If you don’t see the answer you need, just get in touch.
Applying For A loan
Can I apply for a top-up Payroll Loan?
Yes! You are welcome to apply for a top-up loan once a third of the balance has been repaid. E.g. A £3000 loan will require £1000 repaid before applying for a top-up.
How is my loan interest rate determined?
Interest rates can vary depending upon how much you borrow (which is shown clearly in the tables on each product’s page) and your credit score.
Product Basics
What is a Payroll Loan?
A Payroll Loan is where the payment for the loan is taken directly from your wages or salary, before they are paid to you. Making it an easy way to manage your money. Payroll loans are only available with participating employers. Your employer will only know how much is being deducted from your wages. They will never know whether it is for a loan, savings or both.
Will my employer know I have a loan?
No! One of the best things about a Payroll Loan is that it’s guaranteed to be completely confidential while helping you to manage your money.
When we set-up your payroll deductions with your employer, we just arrange for a set amount to be deducted to your pay and paid across to your credit union account.
We won’t tell them whether this is for savings, a loan repayment or a combination of the two.
Am I guaranteed a Payroll loan?
No. Even though repayments are made directly from your wages, this does not guarantee a loan with South Yorkshire Community Bank. As a responsible lender, it’s important that we only lend to those who can afford to pay back. All loans are considered individually through a combination of an affordability and credit check.
My employer isn’t listed – can I still apply for a Payroll Loan?
While you can’t apply for a Payroll Loan, you can apply for many of our other loans.
You can also let your employer know about South Yorkshire Community Bank Payroll Services. It’s free to them, and a great benefit to offer to you and your colleagues. If your employer signs up but you already took out a loan with us, we can switch you over to our Payroll Loans at that point.
Am I eligible to for a Payroll Loan?
Payroll Loans are available to people employed by one of our particiapting employers. To find out if you’re eligible to apply, you can check our list of employers. If you don’t see your employer, why not let them know about South Yorkshire Community Bank Payroll Services. It’s free to them, and a great benefit to offer you and your colleagues.
Terms & Conditions
All loans are provided subject to status and affordability and in accordance with our Lending Policy and loan product Terms & Conditions. Please be aware that you may pay more interest and be subject to additional charges if your loan repayments are not received on time. Repayments are reported to Credit Reference Agencies including Experian, which could affect your credit record if you do not keep up to date with your repayments.