Payroll Plus Loan

Loans up to £5,000 exclusively available to employees of our Payroll Partners, at discounted interest rates and with an easy, hassle-free repayment option – directly from your wages!

Up to £1,500 38.5% APR on the reducing balance

Up to £5,000 23.1% APR on the reducing balance

No credit check under £1,500

Affordability check applies

Eligibility criteria applies

Representative example:

Borrow £5,000 over 36 months | Monthly repayment £196 (plus £10 minimum savings)
Total repaid £6,679 | APR% 23.1% on the reducing balance | Savings pot £360.
Normal Hoot Smart Loan -APR% 26.8% Total repaid £7,061- saving you £382!
Well known online lender -APR% 79.5% Total repaid £8,975 – saving even more!
Illustrative purposes only. The actual repayment amounts may vary subject to loan amount, date of first payment and status. You should only take out a loan if you are certain you can afford the repayments. Over 18 only.

Save as You Borrow Scheme

One of the unique features of the Payroll Plus Loan is the Save as You Borrow Scheme.

As well as your loan repayment you add £10 per month or £3 per week for your savings account. This ensures that by the time your loan is fully repaid, you’ll also have built up a savings pot – giving you extra protection for unexpected costs or future financial goals.

Employees are welcome to save additionally for holidays, Christmas or any of life’s little luxuries at the same time as repaying the loan but that is optional.

Hoot Payroll Partners

Available ONLY to employees of Hoot payroll partners (check your employer below).

Not employed by a Hoot payroll partner? Take a look at our other loans…

Loans

Employer Partners

Check Eligibility and Apply

Are you eligible for a Payroll Plus Loan?

Please read the following before applying for a loan with Hoot Credit Union to avoid any potential negative impact on your credit file.

• You must be employed by a Hoot payroll partner (see https://wisewithmoney.org.uk/payroll-saving) and be 18 or over
• Repayments are by payroll deduction only
• You must agree to save whilst repaying your loan

All applications are subject to an affordability and eligibility check
We reserve the right to conduct a credit check for all loan applications
We do not accept loan applications from people who are currently in an Individual Voluntary Arrangement (IVA), Debt Management Plan (DMP), Debt Relief Order (DRO), or Bankruptcy.