At a glance:
- Loans are available for all members of up to £25,000 unsecured and £100,000 secured. (Current guidelines)
- Payroll deduction makes your loan easier to manage.
- Maximum term for unsecured loans is 90 months and 25 years for secured. (Current guidelines)
- Top up loan facility available.
- No penalties for early repayments or lump-sum deposits.
- All loans include life cover up to age 65 at no cost to the member, so in the event of death the loan will be cleared. (Terms and Conditions apply)
Who can apply for the loan?
All members aged 18 or over are welcome to apply for a No1 CopperPot loan.
How much can I borrow?
You are able to apply for up to £25,000 unsecured and £100,000 secured. Unsecured loans can be taken up to 90 months and secured loans up to 25 years.
What does it cost?
There are no set up or administration fees involved, to see our latest loan rate click here. Interest is calculated daily – but only on the outstanding amount making your loan great value. Plus, if you settle your loan early, you will only pay interest up to that day and there are no administration charges for this either. To visit our repayment calculator and get a quote click here.
Why should I take a loan from the Credit Union?
You can enjoy flexible, affordable loans tailored to suit your needs. Repayments can be made through payroll deduction, we don’t insist on a minimum borrowing amount or timescale and we will consider all applications and do our utmost to meet your needs.
How can I apply?
It’s simple; you can apply online by clicking here, or visit us at the office or even request an application form by phone or text. We aim to give you a decision the next day and return the necessary paperwork to you to sign and agree. Once we receive your signed paperwork your loan will be issued either by cheque or straight to your bank account, whichever you prefer, so the whole process is made as easy and efficient as possible.
What if I’m unable to meet my repayments through unemployment or sickness?
Nobody can predict the future and the last thing on any of our minds when we take out a loan is what will happen if we suddenly become unable to make our repayments through unforeseen circumstances. So for your peace of mind, we have two insurance packages available, one covers accident and sickness, the other covers accident, sickness and unemployment.
Both offer value for money and are specifically designed for Credit Union members. While there is no pressure to take either, we strongly advise you take a look at the features below and think about what would happen to your finances if your life took an unpredictable turn for the worse.
- The sickness insurance covers you if you are off work for more than 30 days and covers you from day 1 of being off. It will also cover you for being unable to work due to stress or back problems, which many insurance policies will not (all claims are viewed individually). For more details click here.
- You have the right to cancel your insurance policy whenever you like and you are only charged monthly meaning you do not pay interest on the insurance aspect of your loan.
And don’t forget, your loan comes inclusive of life insurance up to age 65 at no extra cost to you which would cover your outstanding loan balance in the event of your death and therefore gives you peace of mind that your loved ones will not be disadvantaged. (Terms & Conditions apply).
What if I want to repay early?
We do not penalise or charge you extra for an early settlement of the loan and we don’t mind if you’re feeling flush one month and you want to pay a little extra off.
What if I want another loan before my existing loan is paid?
That’s no problem, you can simply apply to 'top up' your loan and any outstanding balance from your existing loan will be rolled up, providing one monthly repayment for you and keeping your monthly outgoings low and affordable. It is essentially just one loan and it does not cost you anything to do this.
The advantages of a No1 CopperPot loan really do cater for all your needs, regardless of your circumstances and the best part is that you can apply for additional funds to top up your loan at any time, regardless of the length of time you have been a member or the amount in your savings.
Please feel free to contact us at the office for more information or an application form. Similarly, you can apply online and browse the related links for more information.
What if I want to change my repayments?
You can contact us at any time if you need advice or information about changing your monthly repayments. Our loans are totally flexible so we are happy to restructure the amount or term at no cost to you. In this way our loans are distinctive within the finance industry, totally flexible and cost effective with no hidden fees.
