Federation Update

Helping the Police Family financially

We’re a not-for-profit organisation, offering savings, loans and mortgages to the Police Family. This is a very difficult time as we all deal with the effects of the Covid-19 outbreak. Many people are dealing with uncertainty and having to manage income, childcare, work and their budget. We want to remind the Police Family how we may be able to help during this time.

We recommend people who are looking to borrow money to consider all options and where possible, try to avoid high interest borrowing e.g. credit cards and payday loans. This is where the Credit Union may be able to help you. Our rates are not representative, meaning they do not change depending on your credit score. All members are charged the same interest rate on products, allowing you to compare your borrowing options easily.

We strongly encourage people who are struggling with existing debt repayments to contact their lenders directly, to see if they may be able to help to ease pressure during this difficult time.

Helping you to save

We encourage members to save small amounts on a monthly basis via payroll deduction. The idea is that if an unexpected bill arises or you find yourself short of cash, you can withdraw your savings, rather than relying on a loan or credit card and having to pay interest.

A reminder to our current members:

Your savings are easily accessible. You can make a withdrawal either via our website or over the phone. Your savings are safe and available for withdrawal at no cost. We are not linked to the stock market, so your savings will not be affected by current events.

Helping you to borrow

We offer clear and fair loans and help thousands of members of the Police Family every year. Each loan application is personally assessed, and we base decisions on affordability, not just your credit score. Loan repayments are made via payroll deduction, making the process effortless and efficient. We offer many loan options to meet a wide range of needs, including:

• Member Loan
  This loan allows you to borrow for a general range of purposes up to a maximum of £25,000.
• Revolving Credit
  This is a flexible product which gives you a credit limit, allowing you to withdraw funds as and when you require them. You are only charged interest on the amount you withdraw and can overpay as much and as frequently as you like, at no cost.
• Debt Consolidation Loan
  We can help to consolidate existing debts including overdrafts and credit cards. This was created to help members get into a better financial position by saving money in interest repayments and creating more disposable income.

All loans are subject to affordability and our lending criteria.