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Inclusion Loan
Open banking loans with no credit checks, clear terms, and no hidden fees. An affordable way to borrow, with decisions based on your current relationship with money.
For our open banking loan, we use secure technology to check your bank transactions and understand your affordability. Unlike traditional credit checks, this method assesses your current financial situation, providing a reliable option for individuals who may have poor credit scores. Our Inclusion Loan focuses on fairness and gives more people a chance to borrow money responsibly.
You can apply for loans between £500 and £3,000.
Repay between 6 and 24 months (up to 12 months if borrowing less than £1,000).
Fixed rate of 29.9% APR – significantly more affordable than payday loans and high interest providers.
Payroll Deduction
Repayments are automatically taken from your salary each month, so you never need to worry about missing a payment.
No Early Repayment Penalties
Gain financial freedom faster with the ability to repay early at no extra cost.
Reducing Balance Loans
With a reducing balance loan, your interest is calculated on the remaining loan balance, meaning as you pay off your loan, the amount of interest you owe decreases.
No Credit Check
Our inclusion loans rely on open banking to assess affordability, meaning we look at your current relationship with money instead of your credit score.
Financial Inclusion
Our open banking loan aims to remove barriers and unlock access to affordable credit for key workers across the UK.
Open banking loans simplify borrowing while making it more transparent and fair. By leveraging real-time financial data, these loans offer faster decisions, better borrowing options, and terms you can rely on. Plus, they’re designed to make the process easier and more tailored to your needs.
Here’s why they could be the right choice for you.
To apply for our Inclusion loan, you need to:
If your employer hasn’t set up payroll deduction with us, you are unable to apply for our Inclusion Loan.
If you are currently in a Debt Management Plan (DMP) we can consider your application if it is for an essential purpose.
If we notice frequent gambling activity, we might not be able to help. If you’re unsure whether you qualify, don’t worry – there’s plenty of additional support available.
You can borrow as little as £500, with a manageable repayment term of 12 months. For this amount, your monthly repayments would be £48, and the total interest accrued over the loan period would amount to £74. This means the total amount repayable would be £574, based on a representative APR of 29.9%.
At the higher end, you could borrow up to £3,000, repayable over 24 months. This would involve monthly repayments of £162, with total interest coming to £895. As a result, the total amount repayable would be £3,895, also at a representative APR of 29.9%.
Please note that the Inclusion Loan is exclusively available through payroll deduction.
We’re not able to approve loan applications from individuals who are currently insolvent. We know financial challenges can be stressful; there’s plenty of support available you can seek appropriate support from.
With your consent, the lender securely connects to your bank account to review your transaction history. This helps them understand your income and expenses, making the loan process fairer and more personalised.
Our open banking loans are highly secure. The process follows strict data protection rules, giving you control over who can access your information and for how long.
Yes, but only with your permission. You’ll have complete control over what data is shared and for how long, ensuring transparency throughout the process.
No, a credit check is not required for an open banking loan. Instead of relying on traditional credit scores, lenders review your bank transactions to assess your current financial situation. This makes the process more inclusive and focuses on what you can afford right now, not your past credit history.
Unfortunately, this product is only available where payroll deduction has been set up by your employer with our credit union. If you would like to learn more about how your employer can set this up, click here.
We also offer personal loans with lower APRs (8–13.5%) for those comfortable with undertaking a credit check.
If you live outside of the United Kingdom and payroll deduction is not currently in place with your employer, unfortunately you are not eligible to borrow from us.
Getting started with Serve and Protect Credit Union is quick and easy. Our online application form is designed with you in mind. You’ll need:
Take the first step today and see how we can help you manage life’s expenses.
Borrowing doesn’t need to feel overwhelming. Here’s a quick breakdown of common terms:
Annual Percentage Rate (APR)
The annual cost of your loan, including interest and fees.
County Court Judgement (CCJ)
A CCJ is a court order issued when you fail to repay money owed to a lender or service provider. It can result from unpaid bills, parking fines, or credit card defaults. A CCJ negatively impacts your credit score and appears on your credit history.
Credit Check
A review of your financial history to evaluate your ability to repay the loan.
Insolvent
Being insolvent means you are unable to meet your financial obligations as they become due. In other words, your debts are greater than your available assets or income, and you’re not currently able to pay what you owe.
means you are unable to meet your financial obligations as they become due. In other words, your debts are greater than your available assets or income, and you’re not currently able to pay what you owe.
Open Banking
Open banking lets you securely share your financial data with trusted apps and services. This can help you manage your money better, offering more transparency and personalised tools for your finances.
Confused by financial jargon? Visit our Jargon Buster for more helpful explanations.
