POA Circulars

136 | 20.08.2013

Police Credit Union

You will, no doubt, have seen over the last few weeks the high level of media coverage about the Archbishop of Canterbury’s views on pay day lenders and credit unions. The POA and the Police Credit Union share many of those views and as such are hoping to raise the profile of Credit Unions and the help they can offer our members, families and colleagues.

It is vital that members are aware of the services of the Police Credit Union and appreciate that they are here to help, especially in these challenging times.

The Police Credit Union are currently experiencing more and more loan applications showing usage by Police Officers, staff and other members of high interest rate pay day lenders. The Executive have no doubt that this situation is mirrored within our membership as the Government’s austerity measures impact on their ability to make ends meet.

The NEC secured payroll deductions for the vast majority of our members and joining the PCU is simple. Please complete the attached application form and start saving from salary today and access affordable competitive loans.

The general perception of Credit Unions may still be that they serve the financially challenged and un-banked. The Police Credit Union is not like this and this is why the POA spent almost two years securing the right arrangement with the best Credit Union in line with conference policy. The PCU are a £54 million assets, "not for profit", very stable organisation with nearly 22,000 members.

They have a range of loan products, including a budget account with a rate of only 12.7% pa and fixed term loans up to £25,000 for periods up to 7 years. The average interest rate is around 9% pa and they are looking closely at an even more focused loan product to help members and colleagues who are turning to pay day lenders.

The Police Credit Union are very supportive and keen to co-operate with your members to provide access to sensible borrowing (whether short term or medium term of small or higher value.)

Please the draw the contents of this circular to all your members and encourage them to access the POA and Police Credit Union websites for further information, www.poauk.org.uk and www.policecu.co.uk.

Thanking you in anticipation of your support and co-operation on this matter.
 

Yours sincerely

  

PETE CHAPPLE
Finance Officer

PCU_POA_Rewarder_1012.pdf

pdf, 411.5K, 20/08/13, 43 downloads