A flexible overdraft built around your salary, from a lender you can trust.

Get an overdraft up to £2,000 when you save regularly into your credit union account

Use the slider to calculate your limit

Get a £1500 credit limit when you pay £96 of your salary into your account each month. (19.6% APR)


Only pay interest on what you use


Deducted directly from your salary via payroll


Quick transfer up to £250 at a time via text


Apply without affecting your credit score

How it works

Get a credit limit

Once your application is approved, we’ll set you up with a credit limit that you can dip into whenever you need.

Pay in salary

An agreed chunk of your salary will be paid in to your account each month. We’ll arrange this with your employer for you.

Access your cash

You can withdraw money using our mobile app, online banking, or get £250 at a time via SMS. 

Always there for you

Your limit is there whenever you need it. You’ll only pay interest (19.6% APR) on what you use.

How we’re different

A credit union

Salaryflex is provided by London Mutual Credit Union. We’re a  community bank based in South London, founded in 1982 and owned by our members.

Working for you

Our mission is to help everyone in our community get into  financial shape—not to make a profit. So you can trust us to act in your best interests.

Salary deduction

We work with your employer to deduct a regular amount from your pay, making it easy to build savings or make repayments without hassle or worry.

Doing good

Every penny we make is paid back to our members as a dividend, used to  support our community work, or reinvested in our services.

Available to staff at these organisations

Salaryflex is available to staff at over 25+ NHS Trusts, local authorities and other local organisations, as well as members of the armed forces across the UK.

Accessing your overdraft is as easy as sending an SMS

Request up to £250 per day via SMS. Funds will arrive in your chosen account in 1-2 hours.

Need more than that in one go? No problem. Transfer some or all of your limit into an account of your choice using online or mobile banking.

  • YouPAYME
  • London Mutual You have £1350 of your £2000 Salaryflex limit available. You can request up to £250 via SMS today. Reply with PAYME and the amount you would like to borrow. For example: PAYME 150
  • You PAYME 100
  • London Mutual You have requested £100 (19.6% APR) To confirm, reply PAYME Y
  • You PAYME Y
  • London MutualGreat. £100 will arrive in your bank account in 1-2 hours. You have £1250 of your £2000 limit left.

Answering your questions

What is Salaryflex?

Salaryflex is an overdraft based around your salary. With Salaryflex, you’ll get an overdraft limit of up to £2,000, on the condition that you agree to have some of your salary deducted from your salary and paid into your credit union account each month.

Once Salaryflex is set up, you can borrow money from your overdraft whenever you need it. You can either transfer the whole amount in one go using our mobile app or online banking, or request £250 at a time via our handy SMS service.

Who is eligible for Salaryflex?

If you work for one of our 25+ salary deduction partners, you can apply for Salaryflex. This includes employees of many local NHS Trusts, local councils, as well as all members of HM Forces and Reservists. 

See the full list of eligible employers

In addition, to apply, you will need to:

  • Be aged between 18 and 74
  • Have a UK address
  • Be a current member or eligible to join
  • Have an National Insurance (NI) number
What is an overdraft?

An overdraft is an agreed amount of money which is available for you to borrow whenever you need to.

Unlike a loan, an overdraft is agreed in advance. This means that you can get access to extra money as soon as you need it, without the need to go through the process of applying and waiting to be approved.

The other advantage of an overdraft is that you only pay interest on the money you actually borrow. So if you need to use £100 of your limit, you’ll only pay interest on that, not on the whole £2000 limit. And you don’t need to use your overdraft at all right now, it won’t cost you a penny.

Either way, many people find it reassuring to know that there’s a pot of money available to them to cover emergencies, just in case.

How does salary deduction work?

One thing that makes Salaryflex unique is that repayments take care of themselves!

When you apply, we’ll ask you to provide details of your employer and your payroll or staff number. We’ll then arrange with your employer to have some of your salary deducted and paid into your credit union account each month. We don’t pass on any sensitive financial details such as your borrowing. 

This money will then either go towards repaying any overdraft you’ve used, or go straight into your savings. The same amount will be deducted each month whether you use the overdraft or not. This makes it easy for you to budget, and easy to quickly build savings when you’re not using your overdraft. 

Am I likely to be accepted?

Because Salaryflex is based on having money automatically paid in directly from your Salary each month, there is a much lower risk of falling behind and getting into problems with debt. This means that in many cases, we can offer you an account, even if your credit history isn’t perfect.

One of the main things we check for when deciding whether to offer you an account is affordability. When you apply, we’ll ask you to provide evidence of your income (such as a payslip), so that we can double check that the monthly deduction leaves you with enough left over to meet all your other financial commitments. So, one of the best ways to be accepted is to only apply for an amount that you can realistically afford. 

What happens if I change or move jobs?

If you leave your job and move to an employer that doesn’t offer salary deduction, you’ll stay a member of the Credit Union, but you do need to let us know. We’ll need to convert any outstanding overdraft balance into an ordinary loan, and help you to set up a direct debit so you can continue to make your monthly payments to pay it off.

Will by credit score be affected?

When you apply, we’ll use a credit agency to check your credit status. We’ll conduct this as a ‘soft’ search, which means that there will be no record on your credit file if your application is not approved.

If you are approved for Salaryflex, we will regularly update credit reference agencies with information about your outstanding balance and repayments. Staying up to date with repayments is likely to have a positive impact on your credit file.

Because we make it easy to repay, Salaryflex may be a good way to build your credit score. On the other hand, missing or falling behind with payments will hurt your score, and may make it harder to get credit from us or other providers in future.