It’s designed for small frequent borrowing so it’s great for things like season travel tickets or an annual car parking fee or even just those unexpected bills that seem to find their way onto our doorsteps at the most inconvenient times. What’s more, it can potentially save you money in situations where it’s cheaper to pay upfront.
At a glance:
- Continuous Credit so only one application needed.
- Easy access to funds.
- Flexible limits.
- You only pay interest on the outstanding balance.
- Fixed monthly repayments making it easy to budget.
- Transferred directly to your bank account.
- Life cover up to age 65 at no cost to you, so in the event of your death the outstanding balance will be cleared.(Subject to terms & conditions)
- Interest is charged at 1% per month.
How does it work?
It works in much the same way as a credit card only without the piece of plastic and therefore without the temptation of using it on a whim. You apply for a limit and once agreed, you can then withdraw any amount up to that limit, at any time and at the end of the year, up to a period of three years, it automatically gets renewed so there’s no need to reapply. Therefore, as you make your monthly repayments, your available balance increases which means you can withdraw again if you need.
How do I draw the money out?
Once the service is set up, you simply tell us by phone or in writing when you want to withdraw funds and, as long as the balance does not exceed the agreed limit, we will send a cheque or credit to the nominated bank account.
How much does it cost?
The current interest rate on this product is set at 1% per month and interest is only payable on the balance outstanding not the actual limit, which makes this product so much more flexible than other types of lending facilities. The table below is an example of how much your monthly repayments would be on various limits.
| Limit | Monthly Repayments |
| £500 | £16.00 |
| £1,000 | £32.00 |
| £1,500 | £48.00 |
| £2,000 | £64.00 |
| £2,500 | £80.00 |
| £3,000 | £96.00 |
| £4,000 | £132.00 |
| £5,000 | £166.00 |
What if I want to extend my limit?
As you would expect from a No1 CopperPot product, the revolving credit is simple and flexible and you are able to apply to increase your limit at any time by requesting an application form.
So to get a quote, any more information or to apply today, please ring us on 08451301853 or apply online by clicking on the link below.
