How you repay your loan will usually be based on your employer and on your employment situation.
Details of how you will repay the loan will be included in your Loan Agreement, which you will be asked to sign if your application is accepted and we can offer you a loan. It is not usually possible to change this unless you use salary deduction and move jobs.
How Will I Repay?
Employers Offering Salary Deduction
If your employer is part of our salary deduction scheme your loan repayment (along with any optional savings) will be deducted from your pay each month automatically through our salary deduction scheme.
If your employer is not part of our salary deduction scheme, your loan repayments will usually be by direct debit. Loan repayments will be automatically taken from your main bank or building society account on the same day each month.
Unemployed or Retired
We may ask you to arrange to have your benefits or pension paid into a credit union current account. Loan repayments will then be taken from this account as soon as your benefits or pension are paid.
The leftover money can then be transferred into your main bank or building society account, or accessed via online banking.