Season ticket loans
All permanent and fixed-term Council employees can apply for a season ticket loan. With an annual season ticket the cost of the ticket is normally equivalent to 10 months rather than 12 months of travel each year. Your loan repayments are spread evenly over 10 months.
Tenancy deposit loans
As part of the Council’s commitment to provide more affordable housing options in the borough, the Council now offers permanent and fixed-term staff an interest-free loan for a deposit on new tenancies. Hackney is one of the first local authorities to introduce such a scheme in line with our commitment to help employees find accommodation in the borough.
The employee tenancy deposit loan scheme is open to all permanent and fixed-term employees who are expected to remain in service for the following year. The scheme is similar to the season ticket loan scheme. The maximum deposit loan available is £3,000.
Low cost loans
The Council partners with an organisation called SalaryFinance to provide low cost loans to staff. The Council provide employees, who may have high-interest debt, an option to consolidate their borrowing and reduce their interest rate costs.
This benefit enables you to apply for a loan of up to 20% of your gross annual income, at a fixed rate of 7.9% APR, with monthly repayments made directly from payroll. The eligibility criteria will be as follows:
You can apply if you:
- have been employed by Hackney Council for more than 1 year
- are at least 20 years old
- have an income of at least £12,000 per year
- are a current UK resident with at least three years of UK address history.
Any Council employee in a situation of emergency domestic or personal financial hardship can apply for a welfare loan of up to £300.
Additionally, using Wagestream, we can offer eligible staff access a proportion of earned wages two weeks before pay day in case of emergency situations (access is available between the 1st of the month and pay day). This helps staff to switch from high interest payday loans and avoid high interest rates and charges.