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 for our Loyalty Loan
|Interest charging information||Interest rate fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.|
|Repayment information||You can repay your loan by payroll deduction or Direct Debit. To see if we offer payroll deduction in your force click here. First payment due on the next available agreed date after drawdown of loan.|
|Repayment period||The maximum loan term is 10 years and must be repaid by your 70th birthday.|
|Amount of loan available||You can borrow up to £40,000 on this product providing you have at least the equal amount of savings.|
|Application/Arrangement Fee||No application or arrangement fees apply.|
|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.
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.
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.
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. For more information please click here.