We recognise the pressures Police Officers face every day and believe financial worries should never be an added burden. That’s why we’ve partnered with No1 CopperPot Credit Union to make you aware of some of their personal loans.

Whether it’s covering the cost of a new car, consolidating existing debts, or funding a major life event, a personal loan can offer a practical solution.

Who’s eligible for a No1 CopperPot Personal Loan?

• Serving or retired Police Officers and Police Staff
• PCSOs, Specials
• Family members living at the same address (over 18)
• Only members of the Credit Union can obtain a loan (to become a member you must open a Member Account, which is a regular savings account and save a minimum of £5 per month). You can apply for membership within your loan application.

Types of loans available:

1. Member Loan

• Borrow up to £35,000
• Repayment terms up to 96 months
• Can be used for home improvements, car purchases, weddings, or medical expenses

2. Debt Consolidation Loan

• Combine existing debts into one manageable monthly payment
• Borrow up to £25,000
• Potential to reduce overall interest and simplify finances
• 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.

3. Commutation Loan

• Designed for Police Officers and Staff within 24 months of retirement
• Borrow up to £50,000 or 50% of commutation entitlement (whichever is lower)
• Interest-only payments until retirement, then full repayment (A pension forecast is required)

Additional benefits:

• No early repayment fees
• Online application process
• Payroll deduction available in most UK police forces
• Discretionary life protection included (up to age 70)

Life Protection included (up to age 70). Benefits are paid at the discretion of the Board of Directors. Life Protection is not an insurance policy and is not guaranteed. T&Cs apply.

All loans are subject to affordability and No1 CopperPot Credit Union’s lending criteria. All loans must be repaid by your 70^th birthday.

Loans are a financial commitment. Before applying, ensure that repayments are affordable both now and in the future. Missing payments can lead to financial difficulties and negatively impact your credit score. Always read the terms and conditions carefully and consider seeking independent financial advice.

Find out more here.

Free Debt Advice for Police Officers

If you’re experiencing financial stress, then the Police Mutual’s Debt Advice Service in partnership with PayPlan could help.

Services include:

• Negotiating with creditors
• Freezing interest and charges
• Setting up affordable repayment plans
• 24/7 online account access

This service is available to all members of the Police family, including staff and retirees. Find out more here.  

PMGI Limited will receive an introduction fee from No1 CopperPot Credit Union of 2% of the gross loan amount when the loan is paid into your nominated bank account.

PMGI Limited, trading as Police Mutual acts as an introducer for Number One Police Credit Union Limited who provide a range of consumer loan products for members. This introduction is not regulated by the Financial Conduct Authority.

This article was published on Fri 29 August 2025. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Most people will need to borrow money at some stage in their lives. But before borrowing money, it’s important to carefully consider your financial situation, to make sure taking a loan out is right for your personal circumstances.

What is a personal loan?

Personal loans, also known as unsecured loans, are where you borrow a sum of money from a lender and agree to pay it back over a set period of time, in fixed monthly repayments. Personal loans are usually unsecured, which means you can borrow without giving anything as security. So, you don’t need to offer your house, car, or anything else to get the loan. The lender will charge you interest as a fee for lending you the money, so you repay the amount you borrowed plus interest. The benefit of this is you get cash up-front, but can spread the cost of a purchase over several months or years.

Why take out a personal loan?

Personal loans can be taken out for a number of reasons, including:

Making a large purchase

A personal loan can help to finance a large necessary purchase, such as a new major appliance. While you can use a personal loan to help purchase a car, you can also get car finance which may have a lower interest rate. Car finance requires collateral, which means you could lose your car if you fall behind on repayments. Do your research and compare the rates available.

Home improvement projects

A personal loan could help if you’re looking to make improvements to your home. This could be a big project like renovating your kitchen or building an extension for more space.

There are other ways of raising the funding for this, such as increasing your mortgage loan, if you have one, although your home will be used as collateral against a mortgage. In these scenarios, a personal loan can help you pay for the repairs over time.

Emergency expenses

There are times when we might need cash quickly. Unexpected and unplanned expenses, such as car or house repairs, or your washing machine breaking down can be worrying, especially if you don’t have enough savings as a backup.

While it’s best to build an emergency fund to cover unexpected expenses, a personal loan can help if you’re not yet prepared.

Consolidating debt

Consolidating debt is a common reason to take out a personal loan. It’s when you apply for a loan and use it to pay off multiple other loans or credit cards, combining all outstanding balances into one monthly payment. Grouping your debts into one could make managing your debt easier.

If you refinance any existing debts, you may pay a higher rate of interest or make repayments over a longer term. This means you may pay more interest overall.

How to decide if a personal loan is right for you

While a personal loan can be a useful way of borrowing money in some situations, it’s not always the best choice. There are lots of different ways of borrowing, so you need to make sure you choose one that suits your circumstances and that you can afford the repayments.

Before taking out a personal loan, ask yourself the following questions:

• Why do I need a loan? – Personal loans should only be used for necessary expenses. Ask yourself whether you
  really need to borrow before applying.
• What is the cost of borrowing money? – Add up the total cost of borrowing, including all associated interest rates and fees, before making your decision. Look around to find the right loan for your circumstances.
• Can I handle more debt? – Unless you’re looking for a consolidation loan, taking out a personal loan may not be right for you if you’re already struggling to keep up with expenses.
• Can I afford the monthly payments? – You should always think about your ability to repay your personal loan, which means calculating your monthly payment and factoring it into your budget. You can use the MoneyHelper loans calculator to estimate your monthly payment before committing to a loan.

Personal Loans for the Police Family

We aim to help the Police family lead a financially healthier and happier life, that’s why we’ve partnered up with No1 CopperPot Credit Union to make you aware of some of their personal loans, available to serving and retired Police Officers, Police Staff, Police Specials and PCSOs.

Take a look at the range of loans available. You need to be a member of the Credit Union to apply for a loan. You can apply for membership within your loan application.

To become a member of No1 CopperPot Credit Union you must open a Member Account, which is a regular savings account (minimum £5 a month savings required). All personal loans are subject to affordability and lending criteria and are not a regulated consumer credit product. This does not affect your Financial Ombudsman rights. This means you still have the right to complain to the Financial Ombudsman Service if you feel something has gone wrong with your loan. Loans must be repaid by your 70th birthday.

Missing loan repayments could negatively impact your credit file.

Important things you need to know:

PMGI Limited, trading as Police Mutual acts as an introducer for Number One Police Credit Union Limited who provide a range of consumer loan products for members. This introduction is not regulated by the Financial Conduct Authority.

PMGI Limited will receive an introduction fee from No1 CopperPot Credit Union of 2% of the gross loan amount when the loan is paid into your nominated bank account.

Find out more

No1 CopperPot Credit Union is a trading name of Number One Police Credit Union Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 213301. Registered number IP000078. Registered office: Slater House, Oakfield Road, Cheadle Royal Business Park, Cheadle, Cheshire SK8 3GX.

PMGI Limited, trading as Police Mutual, is registered in England and Wales, company number 1073408. Registered office: Brookfield Court, Selby Road, Leeds, LS25 1NB