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Sussex Police Federation

No1 CopperPot: Helping Student Officers at the start of their career

11 May 2020

No1 CopperPot Credit Union offers products to help the Police Family financially throughout their careers. We are a not for profit organisation with our business model centred around people helping people. We continually review our products to ensure they can help our members the best way possible.

We have offered a Student Offer Loan for many years. It was created with the idea of helping Student Officers in their first two years of service. It is the cheapest unsecured loan rate we offer. Some of the most common reasons Student Officers will take out this loan is to buy a vehicle, or home improvements if they are settling into new surroundings. 

This loan exists to reduce the need for Student Officers to turn to credit cards, or other high interest forms of credit. The rate is clear and set at 5.9% APR for all members, it is not representative. Therefore, the rate you see is the rate you get as it is not linked to a member’s credit score. We have a loan calculator available on our website, which shows what the monthly repayments would be if the loan were approved. This allows members to carefully decide if a loan is affordable before they apply.

We have reviewed this product and decided to increase the limit from £7,500 to £10,000. This is to give members more flexibility on what they could use the loan for. Student Officers can apply for the product within their first two years of service and make repayments direct from their payroll. The maximum repayment term for this loan is 5 years.

For more information please visit the website where you can find all information about the loan and use the loan calculator to look at potential repayments.

Click here: https://www.no1copperpot.com/loans/student-loan/

All loans are subject to affordability and our lending criteria.