Quick turnaround
Quick turnaround with no set up fees or hidden costs.
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.
If you are not accepted for our standard Personal Loan, our team may offer you an Emergency Loan between £500-£1,000.
The Emergency Loan is repayable over 12 months, with decisions based on your personal circumstances and ability to repay.
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.
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 less likely to be accepted if you:
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.
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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