For most of us borrowing money from time to time is a fact of life. But with so many lenders offering high interest rates, keeping up with loan repayments can be a real problem.
At the Co-op we think it’s right to offer colleagues a practical alternative to payday lending and other sources of high cost borrowing. That’s why we’re partnering with Neyber to give colleagues access to fair and affordable loans that are repaid directly from their salary.
Don’t worry, our two credit unions are still here and will continue to support colleagues with savings and with borrowing. You can find out more about them at Value Credit Union and Co-operative Credit Union.
Neyber loans are available with three fixed rates from 4.9% APR*. There are no fees, and decisions are quick – usually within two working days. Neyber loans can be used to pay off existing debts, replacing them with a single affordable loan, as well as a general source of affordable borrowing. And because repayments are made through your salary, Neyber can offer loans at much lower interest rates than many high street and online lenders – making repayments more manageable.
Who are Neyber?
Neyber are a financial wellbeing company who help UK employees be better with their money. Through the Neyber Financial Wellbeing Hub, you can also get free access to blogs, podcasts and tools on saving, borrowing, budgeting and much more. If you want more tips about borrowing money, including other sources of fair borrowing like Co-operative Credit Union and Value Credit Union, check out our Co-op Cares factsheets on lifeworks.
Here’s everything you need to know about Neyber loans:
- Salary-deducted repayments
- 3 fixed rates; 4.9% APR, 6.9% APR* and 9.9% APR depending on status
- Borrow from £2,000 to £25,000 for up to 5 years
Visit neyber.co.uk/join to find out more and apply.
Or watch these videos from Neyber members talking about how Neyber loans have worked for them:
Note for store colleagues: We know you can’t watch videos in store, but you can watch them on your personal device.
*6.9% APR Representative based on a loan of £7,500, Repayable over 5 Years at an Interest rate of 6.9% PA (fixed), Administrative fees: £0, Monthly payment of £147.42 Total amount payable £8,845.07. Consolidating your debts to reduce your monthly credit payments may mean that it takes longer to repay and the total amount paid may be higher.