Moneyworks Wales is an award-winning payroll savings and loan scheme funded by the Welsh Government. It partners with credit unions (member-owned financial cooperatives) to allow employees of participating organisations to save and borrow directly from their salary.
Employees sign up through the Moneyworks Wales website and choose their employer and the credit union they will be working with. Salary deductions are made before payday, facilitating savings and giving access to fair-priced credit from the credit union, even for those with poor credit scores.
As not-for-profit lenders, we encourage staff savings and offer only loans that employees can afford. We understand that people’s circumstances vary and they may be paying too much for credit. Our £500 express loan has the same terms as a payday loan but can be up to £430 cheaper.
Simply sign a Service Level Agreement with the participating credit union. Your employees then sign up directly. You just send a monthly bank transfer with a spreadsheet listing employee names, credit union numbers, and amounts. We handle the rest, including marketing materials, and online or in-person sign-up and awareness events.
Recognising that lending isn’t always the solution, we partner with other organisations to provide comprehensive financial wellbeing support.
Moneyworks complements other benefits, addressing diverse employee financial situations. While some may have savings, others rely on high-interest loans. As a not-for-profit, we lend responsibly and encourage saving to reduce credit reliance. Our transparent, fee-free* approach to obtaining loans ensures access to fair credit.
* Some credit unions might charge a joining fee
Step 1: See if your employer is on board. The first thing to do is check if your company is a “Moneyworks Wales” partner. Lots of local councils, health boards and businesses in Wales are already part of the programme! You can find a list of all partners by clicking here.
Step 2: Become a member of a credit union. Once you find your employer on the list, click their link. It will take you directly to the credit union that handles their payroll deductions. Just follow the instructions to become a member—it’s quick and easy!
Step 3: Contact your credit union. The next step is to get in touch with your credit union. Just let them know you’d like to start saving through the payroll deduction program. They will provide you with a simple form to complete and will guide you through the rest of the process. On the form, you’ll specify how much you want to set aside from each paycheck for your savings or a loan payment.
Step 4: The credit union handles the rest. Once you send in the form, the credit union takes over. They will work with your employer’s payroll team to set up the automatic deduction. The best part? Everything is confidential. Your employer will not know if the money is for savings or a loan, and they don’t need to.
Step 5: Your money is moved automatically. Finally, on your payday, the amount you chose will be automatically taken from your salary and sent right to your credit union account.
This hassle-free process is a great way to save consistently without even having to think about it!
Having stable employment can help you qualify for a loan, even with a lower credit score. Our payroll deduction system allows us to work with you to rebuild your credit if you make all repayments within the agreed terms and conditions.
Loan terms vary by credit union. Compare us with other lenders, but remember our fixed rates and no early/late repayment fees could save you money and we lend to a person not a credit score.
This can vary depending on how much you borrow and the repayment terms. We do not discriminate if you have a bad credit score and the rate offered is the rate you will get with no early or late repayment fees.
You need to join your participating credit union (see their website for details). Typically, you’ll need photo ID and proof of address.
No, we don’t pay interest, but building a savings habit can improve your loan eligibility and provide a financial safety net. Some credit unions may even offer dividends.
