Finance Matters

Accessing affordable credit

Where you would you turn to in a financial emergency?

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?

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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Serve and Protect CU is a trading name of Police Credit Union Limited, Guardians House, 2111 Coventry Road, Sheldon, Birmingham, B26 3EA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & Prudential Regulation Authority under registration number 213306.

Police Credit Union Ltd. is a member of the Financial Services Compensation Scheme. This means a members savings are covered by the FSCS depositor guarantee scheme up to the value of £85,000. Under the Distance Marketing Directive, you have the right to cancel your savings account within 14 days of opening without financial or other penalty.

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