Coronavirus financial worries have caused some lenders to pause new loan applications and almost all have tightened acceptance criteria. Despite attractive headline rates from Banks or Building Societies, in many cases only 51% of people are lucky enough to benefit from these. Spare a thought for the remaining 49%.

Many applicants may get charged a higher rate or in some cases are not granted the loan at all. So, ask yourself the question. Where would you turn in a financial emergency?

Where would you turn?

  • Savings?

    Most people in the UK would be able to draw on their savings, but what if you have no savings? We asked our members how much they have saved in easy or instant access account and found that 35% had less than £500.

  • Family?

    Others would tap into their family and friends in the event of a financial emergency. But what if your family or friends are not able to lend you the amount you need. Perhaps you suddenly need £1,500 to pay for a new boiler – what then?

  • Credit card?

    Others would tap into their family and friends in the event of a financial emergency. But what if your family or friends are not able to lend you the amount you need. Perhaps you suddenly need £1,500 to pay for a new boiler – what then?

Here to help you save, there if you need to borrow

We want you to know, we are here to help. We are a not-for-profit ethical alternative where, you can not only save, but also turn to if you ever need to borrow. Visit: www.serveandprotectcu.co.uk

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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