- Despite the end of the lockdown, many people across the UK are set to have further financial challenges as the Bank of England has warned that UK inflation is set to rise to 4% before the end of the year according to the BBC. To help people avoid the burden of unnecessary debt, Great Western Credit Union (GWCU) has announced their new Flex@Work account, providing employees of MONEY@WORK partners with a flexible way to borrow from their salary. By offering credit limits between £500-£1,500 depending on income, GWCU delivers fairer rates that can be easier to manage than a credit card or overdraft.
Flex@Work accounts are competitive to high street banks, with APR ranging between 23.1% and 33.3% depending on the credit limit. Flex@Work repayments are fixed and are made directly from the employee’s monthly payroll, helping to reduce time and stress whilst improving financial stability. Once approved, employees can access their Flex@Work account straight away providing credit as and when they need it.
Flex@Work builds upon the success of the Payroll Loan and the award-winning Family Finance Plan, offering members reliable lending and repayment options. It is provided through the MONEY@WORK scheme which enables employers to enhance financial wellbeing across their workforce leading to reduced absence and lower staff turnover. There are currently over 35,000 employees and 29 employers on the MONEY@WORK scheme, including Bristol City Council, Bath and North East Somerset Council and the Centre for Sustainable Energy, with Sunseeker International and Dorset Council among the new partners from the recently expanded membership area.
James Berry, CEO of Great Western Credit Union, commented:
“As lockdown restrictions have eased and the devastating financial impact of COVID-19 becomes more apparent, Great Western Credit Union is here to aid our local communities to build back better. This year, we’re looking to increase our employer partners by up to 50%. In joining us, organisations can help improve people’s financial resilience in our region whilst giving their employees access to fairer credit. With difficulties in recruiting making the news now is the ideal time to make sure that your employee package is the best it can be, and looking after your team’s financial welfare through Money@Work is a great no-cost way to do that.”
When members use GWCU, money is reinvested into the local economy helping businesses and people to flourish. GWCU plans to triple its membership over the next five years and has recently expanded across South West England after a merger with Wyvern Savings and Loans based in Dorset. GWCU now has a combined total of almost 20,000 members and £13.5m in assets. Find out more about the credit union here: https://greatwesterncu.org/
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