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 70th 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.
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.