Our Loyalty Loan is a secured loan which is backed against your Credit Union savings, allowing you to benefit from a cheaper interest rate. 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. Your savings may be at risk if you do not keep up repayments on your loan.

All loans are subject to affordability and our lending criteria.


✓   All applicants must be aged 18 or over and a UK or Isle of Man resident.
✓   You must have a savings balance with the Credit Union that is equal to, higher than the amount you apply for.
✓   Only members of the Credit Union can obtain a loan (you can apply for membership within your loan application).

✓  You must have an equal or greater amount of savings, held with No1 CopperPot, to the amount you wish to borrow.

Interest rates for the Loyalty Loan

Annual percentage rate5.5% APR
Interest charging informationInterest fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.

Key Product Information

Repayment informationThe 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 the interest on your loan by payroll deduction or Direct Debit.
Repayment PeriodThe maximum loan term is 10 years.
Amount of loan availableYou can borrow up to a maximum of £40,000 using our Loyalty Loan, providing you hold at least the equivalent amount in your savings.
Application/ Arrangement FeeNone.
Missed Payment FeesNone. Missed payments can have a negative impact on your credit file.
Default FeesNone.
Early SettlementsYou 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.
Other InformationThis loan is not a regulated consumer credit product. This does not affect your Financial Ombudsman rights.


Download key documents here

Loyalty Loan Terms and Conditions

General Loan Terms and Conditions

Loyalty Loan Calculator

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Please note: You must select an amount and term which you want to apply for to proceed with your loan application.

Life Protection

Life Protection is included with all our loans and covers you up until your 70th birthday. 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 possible and a member of our team will be able to assist you.