Employers

For over 30 years credit unions have been partnering with employers to assist with the financial wellbeing of their employees.

As a local employer, we can partner with you so that you can offer your employees the opportunity to increase their savings or make loan repayments though regular deductions from their salary, at no direct cost to you.

Becoming an employer partner of the Credit Union is easy and can provide a number of benefits to your employees and your business, enhancing your corporate social responsibility, including

• employees can access affordable credit and increase their savings
• funds are automatically transferred to the Credit Union, ensuring that loan repayments are made on time, and releasing your employees from the stress of managing the payment process
• a more productive workforce - research has shown that employees who are free from financial concerns are more productive and effective, and have fewer absences than those with money worries
• helping your employees to manage their money breeds loyalty and helps you retain your best people

Recent research conducted for Fair4All Finance* showed that:

• 70% of payroll loan borrowers strongly agreed or agreed that they feel more confident about managing money
• 60% of payroll loan users strongly agreed or agreed that borrowing with a credit union makes them feel less stressed, anxious or depressed after taking out their loan
• 95% of payroll loan users said that they were very satisfied or satisfied with their loan
• 72% of payroll deduction borrowers reported that having their loan helped them to save more regularly

Local organisations using our solution include:

• Lewisham Council
• Lewisham Homes
• Lewisham and Greenwich NHS Trust
• Phoenix Community Housing Association
• JSS Pinnacle
• London & Quadrant Group; and
• Marston NSL

If you would like to become an employer partner, please get in touch with our CEO, Ravi Ravindran, on 020 8778 4738 or ceo@pluscu.co.uk.

* Research commissioned by Fair4All Finance and produced by The Financial Inclusion Centre and the Swoboda Research Centre, published in March 2023. An extensive survey was conducted with 7,559 low to medium income borrowers, from seven participating credit unions, that had taken any type of loan of £1,500 or less (either as new borrowing or topping up of an existing loan) over the previous three-year period covering January 2019 to December 2021.  A copy of the research report can be viewed here.