Frequently Asked Questions

A credit union is a not-for-profit financial cooperative, owned and run by it’s members, for it’s members. Similar to a commercial banks, credit unions provide access to savings and loans.

Members pool their savings to provide each other with loans at a low interest rate.

To be part of a credit union you have to share a common bond with other members. This is something you all have in common such as:

  • living or working in the same area
  • working for the same employer
  • belonging to the same church, trade union or other association

Anyone can join the credit union, as long as they are within our field of membership. If you do qualify, you’ll be able to access all the benefits of being a member, including our range of savings and loan products.

As a credit union, we welcome employees across the Police, Prison, Military, Fire and Health services.

Find out if you are eligible to join here – https://militarycu.co.uk/about-us/who-can-join

Any information submitted via the website is protected by standard industry encryption (https). In addition, we do not store any of your personal information on this website. Any details or correspondence regarding your account will remain strictly private and confidential for the purposes of a loan assessment, in accordance with the Data-Protection Act.

If you are already a member, you can apply for a loan via our online banking or mobile app. Alternatively, you can apply over the phone by calling 0121 700 1222, where a member of our team will be happy to talk you through the process.

If you are not already a member, but you would like to join and borrow in one convenient application form, please click here.

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.

*Meeting these criteria does not guarantee acceptance.

If you work for one of our payroll partners, you will be able to make loan repayments straight from your salary, or (where relevant) your pension. To view our full list of payroll partners click here.

  • Can’t find your employer? 
    • That’s okay, you can still repay loans with us through direct debit (if you are eligible).
    • You can also refer your employer for payroll deduction by completing our short form.

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.

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.

Loans are covered by life insurance at no extra cost up to age 70 (conditions apply). In the event of a claim, loans are paid off without further liability. At the same time, savings balances to a maximum of £25,000 are doubled and paid into the member’s estate.

Learn more our free life cover here.

If you are struggling financially and would like us to consider a reduced payment plan, please contact the office on 0121 700 1222.

Please be aware that before applying for reduced payments, you will be required to supply proof of household income and expenditure (usually payslips and bank statements) as part of our review process.

You can download our mobile app on iOS and Android devices by searching for ‘Serve and Protect CU’ on the Apple App Store or Google Play Store.

If you need help downloading the app, click here.

You can access your account  through our online banking. We also have a mobile app to allow you to manage your money on-the-go. Access all the following:

  • Account Balances
  • Loan Applications
  • Annual Statements
  • Loan Calculator
  • Make Withdrawals
  • Internal Transfers

You should receive one code to the mobile number and one code to your email address we have on file within one working day.

If you have checked your junk folders and still cannot find your codes please call us on 0121 700 1222 between 09:00 and 16:30 (Mon-Fri) and request your account is activated and a PIN number sent to your home address.

If you have forgotten your membership ID or PIN please call us on 0121 700 1222 between 09:00 and 16:30 (Mon-Fri).

Membership IDs can be confirmed over the phone and new PINs can be requested to be posted to your home address.

If you have changed address, your contact number or email address please call us on 0121 700 1222 between 09:00 and 16:30 (Mon-Fri), so that we can update your account.

All of our savings products are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. Meaning your savings are covered up to £85,000. Any deposits you hold above the current limit are not covered.

For more information about the FSCS, visit www.fscs.org.uk

Your regular savings with the credit union are not tax-free. If you are saving from your pay, salary deductions will be made from your net pay after taxes have been deducted.

Yes, you can withdraw your money at anytime. Simply withdraw the amount you want using your online banking, mobile app or telephone.

If you work for one of our payroll partners, you will be able to save with repayments straight from your salary, or (where relevant) your pension. To view our full list of payroll partners click here.

  • Can’t find your employer? 
    • That’s okay, you can still save with us through direct debit (if you are eligible).
    • You can also refer your employer for payroll deduction by completing our short form.

You can change your deduction amount at anytime by phoning us on 0121 700 1222 or emailing info@serveandprotectcu.co.uk.

In addition to your regular savings deduction, you can deposit additional lump sums.

You may also arrange a bank transfer online by:

  • Contacting us on 0121 700 1222 to make a  payment, or
  • Sending a cheque payable to ‘Police Credit Union Ltd’

You may receive a return on your savings in the form of an annual dividend. Our annual dividend is based on the surplus profits of the credit union, and is proposed by the Board to the membership at our Annual General Meeting each year.

An annual dividend is paid gross, directly into your account after the AGM. Since no tax is deducted, it is your responsibility to disclose the dividend to the HMRC.

We monitor your savings balance throughout the financial year on a daily basis and allocate dividend to your savings account in direct proportion to your balance over the year.

Your dividend is paid annually in arrears, very soon after the Annual General Meeting which is held early in the new year. The Board of Directors make a proposal for the dividend rate, based upon the income for the previous year (October to September) less operating costs and the allocation to reserves that we have to maintain at a regulated level. The dividend rate requires approval by the members attending the AGM.

Please note, it is your responsibility to declare gross income (but not returns from a Cash ISA) to HMRC.

Under the Cooperative and Community Benefit Societies Act 2014 a member may nominate a beneficiary to receive the balance of their account(s) on death, subject to a maximum of £5,000. If you would like to nominate a beneficiary please complete and return the Beneficiary Nomination Form.

Can‘t find the answer you’re looking for?

Ask us a question by using the form below

Your cookie preferences

We use cookies on our website to make your online experience better. Please see our cookie notice for further details or agree by clicking the 'Accept' button.

Your cookie settings

Below you can choose which kind of cookies you allow on this website. Click on the "Save cookie settings" button to apply your choice.

FunctionalOur website uses functional cookies. These cookies are necessary to let our website work.

AnalyticalOur website uses analytical cookies to make it possible to analyse our website and optimise for the purpose of usability.

Social mediaOur website places social media cookies to show you 3rd party content like YouTube and Facebook. These cookies may track your personal data.

AdvertisingOur website places advertising cookies to show you 3rd party advertisements based on your interests. These cookies may track your personal data.

OtherOur website places 3rd party cookies from other 3rd party services which aren't analytical, social media or advertising.