Improving the financial resilience of those who “Serve and Protect”

31 Jan 2020

Author: Rob Lovesey, Business Development Manager at Serve and Protect CU


Serve and Protect CU (“S&P”) is one of the largest credit unions in the UK. They are passionate about improving the financial resilience of those who serve and protect the nation, currently serving over 31,000 members throughout the Police, Armed Forces and Prison Service.

Here to help our members save, there if they need to borrow.

The free employee benefit aims to help members save, but also provide an option for affordable credit should they ever need to borrow throughout their career.

With repayments straight from a member’s salary, the not-for-profit alternative aims to improve the financial resilience of those that serve and protect the nation.

Dangers of Payday Lending

With a membership that includes employees of the Police, HM Armed Forces and the Prison Service – there is a common misconception that these individuals are all financial secure, and should they ever need to borrow, they can benefit from the attractive headline rates that bank and building societies offer.

However, with ever increasing cost of living combined with minimal or in some cases non-existent pay rises – many members have seen their credit profiles suffer and have had to turn to high interest credit cards or payday loans.

“Making a difference to the lives of our members”

In 2019 Serve and Protect CU lent over £13million to help their members consolidate existing debt and save money, with the convenience of repayments straight from their salary.

They also deliver a range of financial resilience briefs to new recruits which cover a range of topics including;

  • Helping to save for your financial future.
  • The dangers of payday loans
  • The importance of checking your credit profile.
  • Budgeting.

Tackling Financial Exclusion

Serve and Protect CU also play an important role in tackling financial exclusion within HM Armed Forces.

Service Personnel can often have limited or no credit history, due to frequently moving address or being deployed overseas. As a result, in the times when they need credit they often get refused or charged a high rate of interest by mainstream lenders.

Serve and Protect CU are proud to play their part in helping to tackle this problem as a finalist of the Affordable Credit Challenge.

They are working with Credit Kudos to help provide members who would normally not be able to access affordable credit with a new Reward Loan. 

This will use Open Banking to monitor the borrower’s behaviour and dynamically reduce the interest rate they pay. This approach will allow more members to access fair credit whilst reducing the lending risk and enable Serve and Protect to process a higher total volume of applications.

Serve and Protect CU is a trading name of Police Credit Union Limited.

About the Author: Rob Lovesey is the Business Development Manager at Serve and Protect CU. He is proud to play his part and help improve the financial resilience of those who serve and protect the nation. You can reach Serve and Protect CU on Twitter, LinkedIn and Facebook