Green loan
Borrow up to £25,000 for solar panels, better windows or other eco-friendly home improvements if you qualify for Scottish Police Credit Union membership.
Tato příležitost je nyní dostupná v angličtině.
The Green Loan can pay for home improvements such as solar panels, double glazing and boiler upgrades. The same product also covers other eco-friendly purchases, including electric or hybrid cars, electric bikes and charging stations.
Repayment runs for at least six months. Loans below £10,000 can run for up to five years; loans from £10,000 to £25,000 can run for up to ten years. There are no loan arrangement or early settlement fees.
The published annual percentage rates (APR) are 12.7% for £2,499 or less, 10.9% for £2,500–£4,999, 7.9% for £5,000–£7,499, 6.9% for £7,500–£14,999 and 7.1% for £15,000–£25,000. The rate depends on the amount borrowed, or the total outstanding balance when refinancing; you will not pay a higher rate than the rate for the total amount you borrow. Your agreement states the interest rate. Interest is calculated daily on the remaining loan balance, so the interest charge falls as you repay it.
You can receive an annual rebate of 20% of the interest you have paid if you provide acceptable proof of your eco-friendly purchase, service or home improvement within one month of loan approval and within 30 days of receiving the funds. The rebate covers interest paid from 1 October to 30 September. You can withdraw the rebate even while the loan is outstanding.
Scottish Police Credit Union transfers the money by Faster Payments to your chosen account, which can be a supplier’s account. You are responsible for giving the correct bank details. Your salary or bank-account deduction includes the loan repayment and interest, as well as payments to your other credit-union accounts. Savings payments build your savings rather than reducing the loan. Deductions continue after the final loan payment unless you change them.
Your membership savings secure the loan: normally you can withdraw only savings above the outstanding loan balance, with the rebate exception described above. You can repay the remaining balance and interest at any time without an early repayment fee.
If you leave employment where repayments come from salary, you must arrange direct-debit repayments. You must tell the credit union immediately if you give or receive notice that your employment will end. The agreement also makes the entire balance immediately due if employment ends, you miss payments, enter a trust deed or become bankrupt. The lender can recover money from your final pay and pledged savings. There are no missed-payment penalty fees, but you must pay its legal expenses if it takes court action to recover the debt. If you joined through a relative, that member may be contacted if you default.
Eligibility
You must be over 18 and accepted as a Scottish Police Credit Union member. Membership serves Scotland’s law-enforcement community; it is not an offer for every UK resident.
- The membership rules include serving or retired police officers, police support staff, police staff-association employees, special constables and traffic wardens. Scottish Police Credit Union employees and members of the Police Scotland Youth Volunteer Scheme can also qualify; the loan age requirement still applies.
- Listed supporting employers include Police Scotland, British Transport Police, Scottish Police Authority, Scottish Criminal Records Office, Scottish Police Federation, Police Treatment Centre Auchterarder, Scottish Police Recreation Association, Ministry of Defence Police, Civil Nuclear Constabulary, Police Investigations & Review Commissioner and National Crime Agency.
- Staff of the following agencies can qualify when based at the Scottish Crime Campus at Gartcosh: HM Revenue and Customs; Crown Office and Procurator Fiscal Service; Fire Scotland; Scottish Ambulance Service; UK Border Force; Home Office Immigration and Enforcement; Department of Work and Pensions; Scottish Environment Protection Agency; Driver & Vehicle Standards Agency; Food Standards Agency; and Security Industry Authority.
- A relative of a member who directly qualifies can join if they live in the same household. Family applicants must provide proof of residence and identity. Serving police officers and police staff who can pay by salary deduction are exempt from supplying the identity documentation described in the membership FAQ.
Before the Green Loan can be considered, pay £5 into your membership savings account and the £5 entrance fee. Keep saving at least £10 monthly or every four weeks in addition to loan repayments. You must also pay any annual membership fee agreed by members at the annual general meeting (AGM).
New members can apply after receiving their member number and making the required initial payment. Approval depends primarily on affordability, and credit-reference checks can form part of the decision.
How to apply
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- Membership admission, initial savings and entrance fee are required before loan consideration; lending is subject to affordability assessment.[^c2][^c24][^c25]
Check the membership categories on Scottish Police Credit Union’s “Can I Join” page and join if you qualify. Once accepted and given a member number, pay the required initial £10: £5 goes to your savings and £5 pays the entrance fee.
Apply through the secure member area after registering for online banking, or call the loans team on 0141 771 1314 to discuss your application. You can also arrange a face-to-face appointment at 165 Baillieston Road, Glasgow, G32 0TN.
For the interest rebate, provide acceptable evidence of the eco-friendly purchase or work within one month of approval and within 30 days of receiving the funds.