Payday loans may look like an attractive solution, but very high interest rates can lead to further difficulties. So, are there any alternatives to payday loans when you experience a financial shortfall and need to access funds quickly?
There are times when many of us need to access funds quickly. It may be a home or family emergency, such as a boiler breaking down or a car repair bill to enable you to get to work. Whatever the reason, it can be stressful attempting to make ends meet. At such times, an easy to access short term loan can make all the difference.
The answer is YES.
A credit union instant loan is an affordable option
Credit unions offer savings and loan products for a wide range of customers. They offer an accessible alternative to High-Street banks and payday loan companies and enable people, who may be tempted by exorbitant payday loans, to borrow at a more realistic interest rate.
At Transave, we offer instant loans up to £3,000 to a wide range of people working in different organisations, whatever their credit history. If you’re a nurse or other healthcare worker who has had problems managing your finances in the past then our loans for NHS staff with bad credit may be a practical solution.
How does a Transave loan for NHS staff work?
Transave instant loans are available to anyone who has opened a savings account with us and doesn’t have an existing outstanding loan. The product will charge considerably less interest than on a comparable loan amount from an online or High Street payday lender. It can also be with you very quickly compared to other NHS staff personal loans. If your completed application is approved before 1pm it will usually be paid into your bank account on the same day.
What are the repayment terms?
There’s no such thing as interest free loans for NHS staff but our repayment terms are highly competitive as well as flexible. You can choose to pay off your loan over 1, 2 or 3 months for loans up £500 and over, to 1 to 24 months for loans between £500 and £3,000.
Are there other loans available for NHS employees?
As well as instant loans our personal loans allow you to borrow up £20,000 with easy repayment by payroll deduction. Members can borrow up five times the amount held in their Transave savings. The interest rate is competitive and once your loan agreement has been signed and agreed, we aim to get funds to your account within two banking days – change to two banking days
Who is it suitable for?
We accept anyone working for the NHS working within the UK. You can join via payroll deduction if you work for one of the NHS trusts listed on our ‘who can join’ page. If not, you are able to join on a direct debit.
Transave loans and saving products are suitable for every kind of NHS employee from porters and cleaners to senior consultants. Whether you’re a doctor, nurse, physiotherapist, OT or health assistant, our products make saving and borrowing easy and affordable.