This festive season, Wave Community Bank is offering a special payroll loan that provides an affordable alternative to credit cards. With a reduced interest rate of 26.8% APR—compared to the usual 42.6%—this loan is designed to help you manage your festive season expenses more effectively. Available from 1st November to 13th December 2024, these loans range from £500 to £1,000 and include a built-in savings feature to help you build your savings..
To take advantage of this offer, you will need to make your loan repayments via your payroll. Not only does this save you money, but it also removes the hassle of managing your payments.
Here’s How You Can Apply:
- Check the List of Employers: See if your workplace is an Employer Partner for the Workplace Savings Scheme.
- If Your Employer is Listed: You can apply for a loan in the usual way and select your employer from the drop-down box.
- If Your Employer is Not Listed: Speak to your HR department to set up a Workplace Savings Scheme with WCB. It’s easy, safe, and doesn’t cost your employer anything.
Why Credit Unions Matter
Wave Community Bank offers ethical financial services tailored to its members. Credit unions like Wave are not-for-profit organisations, meaning they prioritise the financial wellbeing of their members over generating profit. In the UK alone, more than 1.4 million people benefit from the affordable loans, savings, and financial education credit unions provide. These institutions help strengthen financial resilience within communities by offering loans based on responsible lending practices.
In addition to receiving reduced rates on loans when your employer signs up for the Workplace Savings Scheme, you will also be invited to attend Financial Wellbeing Webinars. These webinars provide valuable support in managing your household budget and help you feel more confident about money.
For more information, visit Save with Chorus, our dedicated website for the Workplace Savings Scheme.
