Additional Borrowing


At No1 CopperPot we understand that you may have a loan with us, and at some point in the future need extra funds, that’s why we provide the option for you to take out additional borrowing before your current loan term ends. There are two ways you can do this:

 
 
Open a new loan alongside your existing loan

We can set up a new loan for the additional amount you wish to borrow which will run alongside your existing loan, this means you will have two separate monthly payments.

  • Your old loan will continue to be repaid at its current interest rate. So if it’s at a lower rate of interest you might want to leave it open.
  • Life Protection is included up to the age of 70. Loans are protected up to a maximum borrowing of £40,000 per member, this means that your loan would be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions. All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed.
  • There’s no difference in how much you can borrow – total borrowing cannot exceed our maximum unsecured lending limit of £25,000, whether as one loan or several.

 

To apply for a new loan click here.


 

Arrange a top up by replacing your existing loan with a new loan for a larger amount


We can set up a new loan agreement for your remaining balance plus the extra amount you want to borrow, then we pay off your old loan. The new loan may have a different term length and a different interest rate. This may mean you pay more interest than before.

  • Subject to a minimum additional borrowing of £500 and an overall unsecured maximum of £25,000 across all Credit Union loans.
  • One fixed monthly repayment to help you budget.
  • No early repayment or administration fees.
  • Life Protection is included up to the age of 70. Loans are protected up to a maximum borrowing of £40,000 per member, this means that your loan would be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions. All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed.

Check below to see how you can top up your existing loan

 

Topping up a Member Loan

You can top up your Member Loan by completing a Member Loan application form and applying for the extra funds. If you are accepted for the extra amount we will add it to your current balance and you will be provided with a new loan agreement for the total amount. The new loan agreement may be charged at a higher rate of interest and may have a different term than your previous loan. You can check our current loan rates here.

To apply to top up your existing Member Loan click here.

Topping up a Loyalty Loan

If you have a Loyalty Loan where you use your savings as security for your loan, you can top up your loan providing your savings are at least equal to the existing and additional borrowing in order to cover the amount of the new loan agreement. You can check our current Loyalty Loan rates here.

To apply to top up your existing Loyalty Loan click here.

Topping up a Student Officer Loan

Due to restrictions on the maximum borrowing, we do not offer a top up facility on the Student Officer Loan. However, it is still possible to take out a top-up. Your existing Student Officer Loan would be repaid and a new Member Loan would be arranged for the current balance and the extra funds, this means that the maximum borrowing limit of £7,500 would no longer apply. By borrowing additional funds this way, the discounted interest rate offered on the Student Officer Loan would be lost. The interest rate on the Member Loan will be higher and the term may be different, you will therefore pay more interest. You can check the interest rates for the Member Loan here.

To apply for a Member Loan top up click here.

Topping up a Commutation Loan

You can apply to top up your Commutation Loan at any time during the three years before your retirement. You will need to complete an application form for the additional amount you wish to borrow and provide an up to date pension forecast. The maximum amount you can borrow is up to 80% of your total commutation or £100,000 – whichever is lower. If accepted for the extra amount, we will add it to your current balance and provide you with a new loan agreement for the total amount. You will then pay interest on the new loan until you receive your commutation, you will then repay the total balance in full. You can check our current Commutation Loan rates here.

To apply to top up your existing Commutation Loan click here.

If you have any queries, or wish to find out your remaining balance on a current loan, you can call a member of our Loans Team on 0161 741 3160.

 

All loans are subject to affordability and our lending criteria.