Falkirk District Credit Union (FDCU) has launched a new payroll loan.

Credit unions are not-for-profit co-operative financial institutions, owned and controlled by the members using its services. FDCU is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Reg No. 213807)

FDCU’s new payroll loan allows members to pay into the credit union through their wages, once their employer has signed up to the payroll scheme.

Once the member’s paid in balance has reached £50, they can apply for a loan up to £300 through the credit union, with free insurance available. Loan repayments will be deducted from monthly payments to the credit union, and any leftover amount will be deposited to the member’s shares.

A family loan is also available, where members receiving child benefits can pay their benefit directly into their credit union account, and can borrow up to £300 once their balance has reached £50.

FDCU has a one-off joining fee of £2, and a yearly administration cost of £5 (which comes off the account automatically around October each year).

For further information, please view or download the relevant leaflet:

Alternatively, contact FDCU by phone: 01324 473695, or visit the FDCU website.