EMERGENCY LOAN

An alternative to payday loans

Tackle those unexpected expenses

Emergency Loans between £500 to £1,000 are available for members who may not have access to other forms of affordable credit.

This is a referral product available to new or existing members who may not qualify for our standard Personal Loan product or where the option of payroll deduction is not currently available with your employer.

This product is not available to apply for directly.

Borrow

If you are not accepted for our standard Personal Loan, our team may offer you an Emergency Loan between £500-£1,000.

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Term

The Emergency Loan is repayable over 12 months, with decisions based on your personal circumstances and ability to repay.

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APR

Our Emergency Loan is a referral product for applicants who do not qualify for our Personal Loan, and is offered at a fixed rate of 42.6% APR.

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Key Benefits

Quick turnaround
Quick turnaround with no set up fees or hidden costs.
Life cover
Life cover up to £25,000 at no extra cost up to age 70 (conditions apply).
Fixed rate
Fixed rate of 42.6% APR.
No fees
No charges or penalties for early full or part settlement.

Any Questions?

We’ve created a summary of the main questions you may have about our Emergency Loan and Personal Loan so you have all the info you need.

What is an APR?

APR refers to the annual percentage rate (APR). The term is used to describe the overall cost of borrowing a loan, including the interest rate, as well as any related fees. APR’s make it easier for you to compare what options are available, so you can find the best deal to suit your needs.

We do recommend that you look beyond the headline interest rate advertised by other lenders and check out just how much you’ll actually pay per month for the amount you wish to borrow.

How much can I borrow?

We offer Personal Loans from £500 to £25,000. The amount you can borrow is dependent on your personal circumstances. We assess your personal circumstances through a credit check as well as other affordability checks so we can make an informed decision.

If you do not qualify for our Personal Loan, you may be offered an Emergency Loan between £500-£1,000.

Can I repay from my salary?

Repayments for this loan may be made by payroll deduction where the facility exists, otherwise by Direct Debit. To see if your employer has payroll deduction set up with ourselves, click here.

Do you perform a credit check?

Yes, it is our policy to perform a credit search with every loan application. This is to help ensure we are lending responsibly and protecting the interests of the members who save with us, however, the approval decision does not rely solely upon your credit score. All our loan applications are assessed by considering income and expenditure, level of debt and ability to repay.

Are there any fees or charges?

There are no set up fees or hidden costs for our Emergency Loan.

Can I repay my loan early?

There are no charges or penalties for early (in full or part) repayment. If you wish, you can pay off part of your loan with a lump sum. Your monthly repayments will stay the same, but the term of the loan will be reduced and the total amount of interest paid reduced. You also have the option to overpay your loan. Either way, there are no penalties.

Will my interest rate change?

The APR of your loan is fixed for the duration of the term.

Our Emergency Loan has a fixed rate of 42.6% APR.

Am I allowed to apply?

Our Emergency Loan is a referral product available to new or existing members who may not qualify for our standard Personal Loan product or where the option of payroll deduction is not currently available with your employer.

You are more likely to be accepted for a Personal Loan if:

You are aged 18 or over, and
Have a regular source of income

You are less likely to be accepted if you:

Cannot prove a regular source of income
Can’t afford the loan repayments on the amount you apply for
Have credit in arrears, defaults or an outstanding CCJ
If you have previously defaulted on a loan with us

We’ll make a decision on whether to offer you a loan based on your personal circumstances.

We regret that we are unable to offer you a loan if are insolvent at the time of applying or have been discharged from insolvency less than 12 months ago.

To qualify for a Emergency Loan, you must be employed for a minimum of 6 months.

*Meeting these criteria does not guarantee acceptance.

How do I apply?

Our Emergency Loan is a referral product available to new or existing members who may not qualify for our standard personal loan product or where the option of payroll deduction is not currently available with your employer.

This product is not available to apply for direct from our website.

How much can you afford?

Try out our simple budget planner to see how much you can afford to repay.

Loans subject to standard credit checks and proof of identity. Loans are offered subject to status and conditions to members aged 18 or over. Written quotations for loans available on request. Loans can only be considered for members who have a savings account with Serve and Protect Credit Union. Under the Distance Marketing Directive, you have the right to cancel your loan within 14 days of completion, by repaying all funds borrowed plus any interest that has accrued.

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Prison CU is part of Serve and Protect CU and 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.

© Prison CU 2022. All rights reserved.

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