Loyalty Loan

The Loyalty Loan is designed for you to borrow, while still protecting your hard earned savings. We all know how hard it can be to save a substantial amount of money, and when that money is saved, you may be reluctant to spend it. Our Loyalty Loan is a very popular product as it ensures that your savings remain untouched.  


Key Product Information

All applicants must be aged 18 or over and a UK resident. 

APR 3.5% APR
Interest charging information Interest rate fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.
Repayment information The loan is secured against your savings, which means the Credit Union could take funds from your savings if you fail to make loan repayments.

You can repay your loan by payroll deduction or Direct Debit. To see if we offer payroll deduction in your force click here.

Repayment period The maximum loan term is 10 years.
Application/Arrangement Fee No application or arrangement fees apply.
Other Fees None.
Default Fees None.
Early settlement You can repay the loan at any time fully or partially without charge.
Security As this loan is secured against your savings, you must maintain your savings of at least an equal amount to your outstanding loan at all times.

All loans are subject to affordability and our lending criteria.
Loan terms and conditions can be found here and should be read prior to application.
This loan is not a regulated consumer credit product. This does not affect your Financial Ombudsman rights.


Loyalty Loan Calculator

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Loyalty Loan Example

Any member of the Credit Union can apply as long as you have the savings to cover your borrowing. What that means is that if you are applying for £2,000, you must have £2,000 saved in the Credit Union already in order to secure your loan. 


Important Information

As this loan is secured against your savings you must maintain savings of at least an equal amount to your outstanding loan at all times.

If you've got the savings in a No1 CopperPot Cash ISA or Notice Plus Account then this is also a great way of leaving your savings untouched as once you withdraw from that account, you are not able to replace the funds. No1 CopperPot is not currently accepting any new applications for ISA’s or the Notice Plus Account.

You’re covered with Life Protection

Life Protection is included with all our loans and covers you up to the age of 70. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.

Loans are protected up to a maximum of £40,000 per member. This means your loan would be cleared, ensuring your debt does not remain outstanding, subject to our 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. For more information please click here.

Additional Borrowing

If you have an existing loan with us and want to borrow extra, there are two options available. Click here to see more information.

Need help?

If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you.