Salary deduction makes it simple to borrow and save directly from your salary, which benefits both you and the credit union:
- Convenient. Once set up, your salary deduction will continue indefinitely until you cancel it or change employers. There are no fiddly direct debits or paperwork.
- Peace of mind. With salary deduction, you know that your loan repayments or savings are taken care of. You don't have to remember to do it each month.
- Easy to budget. Because your loan repayment or savings are taken off at the start of the month, you know exactly how much you have left over to spend on other things. There's no worry about not having enough left over, or about accidentally spending it first!
- Lower risk. Salary deduction means there is less risk of our members missing or being late with repayments. This helps to keep our rates low, and means we can say 'yes' more often.