Green home-energy loan
Borrow £5,000–£35,000 for insulation, solar panels or other home-energy improvements if you work in the police and qualify for credit-union membership.
Beskrivningen av den här finansieringen finns för närvarande på engelska.
The Green Loan can pay for double or triple glazing, window or door upgrades, solar panels, solar or heat pumps, wall, floor or attic insulation, LED lighting and ventilation systems. This entry covers the £5,000–£35,000 home-energy route. The published annual percentage rate (APR), which expresses the annual cost of borrowing, is 6.9% for this range. The interest rate stays fixed for the life of the loan.
The £35,000 limit also applies to your total unsecured borrowing with No1 CopperPot, excluding its Commutation Loan and Loyalty Loan. You can repay over up to 96 months for £5,000–£14,999, or up to 120 months for £15,000–£35,000; the loan must be fully repaid by your 70th birthday.
If approved, the loan is paid into your bank account by bank transfer (BACS). You can instead ask the credit union to pay the business or trader directly. Interest starts on the day the funds are sent, potentially before they reach your account. Monthly payments cover interest and reduce the money you owe; interest is calculated daily and added monthly. Repay by payroll deduction or Direct Debit, starting the month after you apply.
There are no application or arrangement fees and no charge for partial or full early repayment. Extra payments reduce the balance and interest, while your normal monthly payment stays the same. Full settlement includes interest accrued since the last payment. The loan has a 14-day cancellation period. Notify the credit union within this period and return all transferred money within 30 days.
Eligibility
- You must be at least 18, live in the UK and be in paid employment or have a regular income. For the employed membership route covered here, you must currently work as a police officer, police staff member, police community support officer (PCSO), Special Constable or ancillary police staff. The credit union accepts members from forces in England, Wales and Scotland; this entry covers the UK-resident route.
- You must become and remain a credit-union member. Its Member Account requires monthly savings of £5–£1,000 by payroll deduction or Direct Debit and a £5 minimum balance, representing five £1 shares. These savings are separate from your loan repayments. Membership may be ended if regular contributions stop. In exceptional demand, the board may require up to 60 days’ notice for withdrawals of these savings.
- Approval depends on affordability and the lender’s lending criteria. You must provide evidence of your planned sustainable work, such as a quote, estimate or invoice, to receive the green rate.
Tell the lender immediately about financial changes affecting repayment or notice that your employment will end. Although there are no missed-payment or default fees, enforcement expenses may be added. Late payments can increase interest and harm your credit record. The lender may use savings to cover unpaid debt, take legal action that secures debt against property, or demand the outstanding balance. If you owe overdue amounts when employment ends, the terms authorise deductions from final pay, including redundancy money and expenses. Ending employment, serious breaches, insolvency, asset-control court action, deliberate false information or abusive behaviour can also trigger early repayment. The lender must act reasonably, give advance notice and allow a reasonable opportunity to fix the problem unless it cannot be fixed.
How to apply
- Status
- Öppet löpande
- Villkor för ansökningsomgången
- Membership and affordability assessment are required. New applicants can request membership within the loan application.
Apply through No1 CopperPot’s online Green Loan application. New applicants can request membership in the same form; the membership application must be completed before the loan is assessed. Prepare the quote, estimate or invoice for your work and provide your bank details for payment. You must consent to a credit search and declare that you are in good health, fit to make the repayments and unaware of impending changes that would prevent you from paying, including disciplinary proceedings or unpaid leave. Loan applicants are likely to be asked to use Open Banking, which lets the lender check financial information for its assessment.