Telephone: 020 8366 8244     Email:   Postal address: 3 George Mews, Enfield, Middlesex, EN2 6JA



Serving the community of North London for over 20 years


North London Credit Union



For Workplaces


Free to set-up and run, a payroll deduction scheme is a great way to show your staff that you are concerned about their financial well-being and to help other individuals and small businesses in the area at the same time.


The scheme is easy to operate, payments are processed in the same way as other deductions and we will come on-site and sign members up directly.  There’s no hard-sell, no fees, just great products!


Your staff will get access to all our products, including our lowest interest rates and higher limits on loans, including debt consolidation – they can even open Junior Savings accounts for their children and other relatives.


If you think that employees may need access to confidential, impartial money help, we can also offer one-to-one advice surgeries and budgeting workshops directly and through our partners, as appropriate.


Please contact Julia or John on 020 8366 8244 for more information, with no obligation, or read our FAQs here.



If you are an employee


If you work for any of the following employers, you can already access great products through your payroll!


  • Barnet and Southgate College
  • Enterprise Enfield
  • London Borough of Enfield
  • London Waste
  • North Middlesex University Hospital


If your place of work doesn’t currently offer a payroll scheme with us, why not speak to your manager and show them this page?  We’re happy to provide them with more information on request and they’re under no obligation to take it further if they don’t like what we have to offer.



If you do work for an employee that we currently work with and you’d like to join, simply complete the membership form and email or post it to us.  If a few of your colleagues want to join up, we’re happy to arrange a site visit, just arrange it through your manager or union rep.




Remember, if your friends, colleagues and family open an account with us on your recommendation, you can get £10 into your account as a small gesture of thanks (see here for more information).




Borrowing Through Payroll


Getting a loan through your payroll means you get our very best rates – in fact, we’re so confident we can give you the best deal, we guarantee to beat any confirmed rate you have been offered by your bank by 0.5%!


Plus, you get the convenience of paying straight from your salary and you know that you are supporting local people and businesses!


If you don’t have banks queuing up to lend to you, don’t worry, we still offer excellent rates!  Our maximum rate for loans repaid via salary deduction is 1% monthly (12.68% APR) or 1.4% on debt consolidation (18.2% APR).  Interest is charged on the reducing balance and there are no other fees or charges, even for early repayment.


 We would need proof of a confirmed offer from your bank or FCA-registered lender.  Loan decisions are made on a case-by-case basis and are subject to status.




Savings Through Payroll


Save with us through your payroll and you can enjoy the same excellent rates on savings products as our other members:


  • ISAs at 1.5% for new members
  • Easy-Access Savings at 1.5%
  • You can even set up accounts for relatives under 18 with our Junior Savers account (for the first £500, 3% thereafter)


The benefit of saving through payroll is that as it comes out at the start of the ‘pay month’, you don’t have to worry about finding money to put aside at the end of the month, it’s already taken care of.


Joining is free and easy to do, simply call us on 020 8366 8244 and we’ll send you the forms to print off and complete.  Just send them back to us (or pop into our Enfield Town office), with copies of your ID and we’ll write to you confirming your new account details.


Payroll members are full members and enjoy the same rights as our individual members, meaning you can, if you wish, attend and vote at our Annual General Meeting, apply to become a volunteer or even a Board member.  You will remain a member even should you leave your employer, just switch to direct debit.


When you want to withdraw your savings, you can just let us know in writing (or email when you’ve done it once) and it will be put into your bank account on the same working day (if before 4pm).



A Junior Saver is added to, or opened at the same time as, an adult account.  There is no minimum monthly savings amount for Junior Savers, but for regular adult saving by payroll deduction the minimum amount is £10 per month.



Special Offers


Did you know we can ‘Beat Your Bank’?


If you are a member through your payroll,  we will offer you a loan at 0.5% APR less than your current lender!

Plus you continue to benefit from easy payments through your payroll and knowing your money is helping your local community.

If you’d like a loan, but don’t have a rate for us to beat, give us a call to see what we can do for you – you might be pleasantly surprised!

This offer has no fees or admin charges.


Are you ready for our best ever rate?


 If you are a payroll member with us and earn £35,000 or more, or have a household income of £40,000 or more, you can get our Executive Loan!


At a rate of only 0.6% (7.44% APR),  it really is our best ever rate.


This offer has no fees or admin charges.


 Some terms and conditions apply:


Beat your Bank/Lender:


  • Loans subject to status.  Usual NLCU terms and conditions apply.  We will need to see written proof of loan offer.
  • This is providing you have a confirmed loan offer from a different lender.
  • For this offer to apply the loan amount should be between £7,500 to £15,000.


Executive loan:


    Loans subject to status. Usual NLCU terms and conditions apply.




Why do you offer better rates?


We value all our members equally (one member, one vote!), but like all lenders, we make decisions on the loan rates we charge based largely on risk, (statistical risk – it’s not down to the individual). Our experience, supported by a great deal of data, shows that loans via payroll schemes are 8 times less likely to fall into delinquency, than loans repaid by other methods.


We don’t have to make as much bad debt provision (i.e. the money we put aside to cover bad debt) for payroll lending, therefore we can charge lower rates.


As a reminder, we currently offer payroll deduction schemes with the following employers:


  • Barnet and Southgate College
  • Enterprise Enfield
  • London Borough of Enfield
  • London Waste
  • North Middlesex University Hospital



North London Credit Union


All content belongs to North London Credit Union unless otherwise stated. North London Credit Union Ltd. is a not-for-profit financial cooperative, run & controlled by its members. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Registered Office: 3 George Mews, Enfield, Middlesex, EN2 6JA, registration no. 213809 . Savings are covered by the Financial Services Compensation Scheme (FSCS).