Employers sign up for cheaper staff loans and premium savings from Sheffield Money

8th May 2017

Sheffield Money, the not-for-profit, ethical financial organisation, has launched a campaign to encourage employers to sign-up to its payroll scheme so staff can access savings accounts with premium dividend rates and, importantly, loans with interest rates starting at 4.

9%. The employer campaign is the latest scheme to help local people escape the huge interest loans from high cost lenders such as Wonga and to keep more of the Sheffield pound within the city. Employed people now make up the majority of those applying to Sheffield Money for loans. CEO Rob Shearing explains: -Sheffield Money's payroll deduction loans mean employees can have loans of up to £25,000 for an interest rate from only 4.9%, which is an excellent rate. Employee savings accounts are paying dividends that currently beat many banks' savings rates, too. -We are now targeting the private sector employers as they will benefit from their staff having better financial wellbeing. -By helping staff stay away from Wonga, Cash Converters, Brighthouse and the like, people can keep more of their money within the family. Research clearly shows the benefits of this on people's wellbeing and less money going down the Wonga drain means more money being spent in local businesses, shops, bars, etc. This is good for everyone in the Sheffield region. -We are keen to sign up more responsible employers who want their staff to escape high cost loans. Employed people now make up around two thirds of Sheffield Money's customers. Sheffield Money is supported by a group of local organisations including Sheffield City Council, trade unions and Sheffield Cathedral. Its loans are far less expensive than high cost lenders such as Wonga and Satsuma and are designed to help people get their finances back on track and get back into mainstream banking.