• Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Police CU
  • Prison CU
  • Military CU
  • Fire CU
  • Health CU
General Enquiries 0121 700 1220
Police CU
  • Savings
    • Regular Savings
    • Flexi-saver
    • Prize Saver
    • Junior
    • Cash ISA
    • Lifetime ISA
    • Free Life Cover
  • Loans
    • Personal Loan
    • Debt Consolidation
    • Credit Builder
    • Emergency
    • Budget Planner
    • Loan Calculator
    • Free Life Cover
  • Reviews
  • About
    • About us
    • Mission Statement
    • FAQ
    • Annual Accounts (PDF)
    • Payroll Partner Guide
    • Social Impact Report 2020
    • Financial Resilience Report 2020
  • News
  • Contact
    • Feedback
  • Join / Log in
  • Menu Menu

Serve and Protect Credit Union announced as a winner of the Affordable Credit Challenge

April 2, 2020/in Announcement, News /by roblovesey

Serve and Protect Credit Union announced as a winner of the Affordable Credit Challenge

The Affordable Credit Challenge, run by Nesta Challenges in partnership with HM Treasury, encourages fintech’s to partner with community lenders to provide alternative solutions to high cost lenders.

Serve and Protect Credit Union alongside Credit Kudos were announced in the budget as winners of Nesta Challenges’ Affordable Credit Challenge, for our reward loan solution which aims to use open banking to help even more borrowers access responsible credit.

Tacking financial exclusion

Over time, many of the individuals who serve and protect our nation have struggled to access mainstream credit due to nature of their roles. This has forced many to turn to high-cost lenders such as payday or guarantor loans, which can result in a spiral of debt, that can be difficult to recover from.

The reward loan solution will look to help those serving in the Police, Military and Prison & Probation Service who struggle to access affordable credit.

Paul Norgrove, CEO of Serve and Protect Credit Union, said: “We exist to provide affordable loans for our members and always want to treat them as individuals — not just a credit score. Our reward loan solution, created with Credit Kudos, allows us to support even more members and reward them for healthy financial behaviours. Using open banking derived scores, the solution will automatically adjust the interest a borrower pays during the life of a loan or provide rewards to encourage financial behaviour. This means borrowers from the police, military and wider protective services family can proactively and positively impact their own financial situation.”

Building partnerships

At present, high-cost lenders have access to data and technology that credit unions often do not, making it difficult for them to compete. Through the partnership, Serve and Protect Credit Union and Credit Kudos hope to level the playing field and, ultimately, support more borrowers.

Stephen Mazurek, IT & Innovation Manager of Serve and Protect Credit Union, said: From the start, the process was focussed on building solid lasting relationships between Fintech’s and Affordable Lenders. There were nearly 50 applications so there was a definite coming together of parties who wouldn’t normally have cooperated. The challenge opened up the sector to more than the usual suspects and gave genuine tech innovators a chance to work with affordable lenders on concepts that can scale.”

Join over 3,000 fans who follow us on social media by liking us on Facebook (@serveandprotectcu), or following us on Twitter (@serveandprotect).

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail
https://policecu.co.uk/wp-content/uploads/2020/04/ccA-zjMO_400x400.png 400 400 roblovesey https://policecu.co.uk/wp-content/uploads/2019/02/logo-police.png roblovesey2020-04-02 15:06:582020-04-15 14:14:47Serve and Protect Credit Union announced as a winner of the Affordable Credit Challenge

Latest News

  • Different car finance options availableSeptember 14, 2020 - 11:50 am
  • Serve and Protect Credit Union Celebrates Commitment to Real Living WageAugust 8, 2020 - 6:54 pm
  • Serve and Protect Credit Union welcomes the Fire and Health ServiceAugust 3, 2020 - 5:10 pm

Follow us on Facebook

Improving the financial resilience for those who serve & protect

Police CU is part of the Serve and Protect family. Police Credit Union Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority & the Prudential Regulation Authority (Registered No 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.

© All content Copyright Police Credit Union – website by mediadog

Privacy Policy | Website Cookie Policy

Coronavirus: Managing Financial Resilience Wellbeing Callback Service
Scroll to top

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

Learn moreOK

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refuseing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Google Analytics Cookies

These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.

If you do not want that we track your visit to our site you can disable tracking in your browser here:

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Other cookies

The following cookies are also needed - You can choose if you want to allow them:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Privacy Notice
Accept settingsHide notification only