Renfrewshire Council

Credit unions - your local alternative to financial services

Find out how you can benefit from secure savings and affordable credit with payroll deductions

As more people consider borrowing money to help meet rising costs right now it's important to be aware of the different options available before making a financial commitment with any lender.

Depending on your circumstances, you could find yourself being offered a higher-than-advertised interest rate on traditional bank loans and credit cards or even be declined all together. In those cases, a very high APR pay-day loan or similar can seem like the only solution but there are other options available.

Benefits of joining a credit union

Local credit unions are not-for-profit organisations which are owned and controlled by their members. They offer a variety of affordable credit and savings options that are safe, ethical and reliable.  

At Renfrewshire Council, we have partnered with three local credit unions to offer our employees a handy payroll deduction scheme. This means any savings or loan payments can go straight to your credit union account when you get paid and will appear on your payslip direct from your salary. We have this arrangement with:

As a credit union member, you simply agree your payment plan and they will make the arrangement with our payroll team for you.

Many colleagues tell us this can help ease financial pressures and find it reassuring to save or borrow with a local organisation they can trust.

"I make regular deposits through my pay every four weeks"

Senior HR advisor, Gillian O'Neill has been a member of a credit union for 15 years and recommends setting up an arrangement via payroll. She said, "I make regular deposits through my pay every four weeks. I like to save this way as it comes off my pay before it reaches my bank, which is convenient and one less thing I have to remember. I've also used a Christmas Savings Account which is a good way to budget for the festive season. I have even taken out a loan for a new car in the past as the interest rates were better than my bank could offer.

"You can sign up for an online account and there is an app which is very easy to use. I can withdraw money any time and I can easily change the amount I save each month whenever I need to".

More details

Visit the individual credit union websites above for information on how to sign up, eligibility criteria and any current offers like Christmas savings schemes, competitions and life and loan protection.

Also visit the Renfrewshire Affordable Credit Alliance (RACA) website for more information about local credit unions and other financial wellbeing help and advice.

Published on Thursday 10 November 2022