Why do people consider consolidating their debts into one new loan?


To reduce the amount of interest


To reduce the monthly repayments


To have a single repayment from payroll*

* Available in 30 forces
All loans are subject to affordability and our lending criteria.


✓ All applicants must be aged 18 or over and a UK resident (excluding the Channel Islands and the Isle of Man).
✓ You must be in paid employment or have a regular income.
✓ Only members of the Credit Union can obtain a loan (you can apply for membership within your loan application).

Interest Rate for the Consolidation Loan

Under £500012.89% APR
£5000-£25,00010.9% APR
Interest Charging InformationInterest rate is fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.

Key Product Information

Interest charging informationInterest rate is fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.
Repayment informationYou can repay your loan by payroll deduction or Direct Debit.
Repayment periodThe maximum loan term is 96 months and must be repaid by your 70th birthday.
Amount of loan availableYou can borrow up to a maximum of £25,000 using the Consolidation Loan.
You can borrow up to a maximum of £35,000 across all unsecured lending with us.
Application/Arrangement FeeNone.
Default FeesNone.
Early settlementYou can repay the loan at any time fully or partially without charge.

 Download key documents here

Consolidation Loan Terms and Conditions
General Loan Terms and Conditions

Understanding debt consolidation

Debt consolidation is the process of combining your existing debts into a single loan. This can be done by applying for a new loan and using the funds to repay and close other financial accounts (e.g. credit cards, credit agreements, loans etc) if you choose to. The process of consolidating debt means that you are charged one interest rate, have one repayment each month and hopefully have more disposable income.

Are there risks?

  • If you apply for any credit product this will show on your credit file as an application.
  • This could affect your credit score, as it would if you applied for credit for any other purpose.
  • Your overall debt levels could increase if you take a consolidation loan and continue to use your credit products. 

Consolidating your debt could reduce your monthly outgoings, leaving you with more disposable cash each month. Care should be taken when consolidating debt. It may increase your total amount payable, or the period, over which it is to be paid. If you are unsure of what to do, please seek independent financial advice.

Is consolidating my debt right for me?

As we don’t offer financial advice, we are unable to advise you if debt consolidation is the right thing for you. We can however, explain the process and how it may or may not benefit you. If you feel you could benefit from financial advice, you may wish to speak to an independent financial adviser. Debt consolidation could help members who are juggling numerous repayments and would find it easier to manage a single repayment. Another benefit is that by consolidating debt, it could reduce the rate of interest you are currently being charged.

Here at No1 CopperPot, we pride ourselves on offering clear products. With our loans, everyone gets charged the advertised interest rate regardless of credit score, so you’ll be able to find out exactly what your repayments would be if accepted. You can do this by using our loan calculator before you apply. This can help to assist you when trying to work out if it would be a cheaper alternative.

Consolidation 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.