The purpose of the Credit Builder Loan is to support you in rebuilding your credit file by evidencing a positive payment history. It allows you to take on a small amount of debt and demonstrate that you’re a reliable borrower. This allows members within a specific criteria to apply for a loan of up to £5,000, for a range of purposes, including debt consolidation. Â
We cannot guarantee your credit score will improve, nor can we guarantee how long it will take to see any improvement, as this depends upon a variety of other factors, such as your management of other financial commitments, which are outside of our control.
All loans are subject to affordability and our lending criteria.
Eligibility
✓  All applicants must be aged 18 or over and a UK or Isle of Man resident.
✓  You’re in paid employment or have a regular income.
✓  Only members of the Credit Union can obtain a loan (you can apply for membership within your loan application).
✓   You must have either repaid a CCJ, completed a Debt Management Plan or IVA, been discharged from a bankruptcy or have missed three or more creditor repayments in the last 6 months.
This product is not the best solution for you if any of the following apply:
- You have one or more outstanding CCJs.
- You have missed less than 3 creditor repayments in the last 6 months.
- You have an outstanding IVA or debt management plan.
- You are going through bankruptcy or have not yet been released from it.
Interest Rates for the Credit Builder Loan
| Amount borrowed | APR |
| £0 – £5,000 | 24.9% APR |
Key Product Information
Loan terms and conditions should be read prior to application.Â
| Interest charging information | Interest rate fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis. |
| Repayment information | You can repay your loan by payroll deduction or Direct Debit.
When you apply for a loan, we will tell you how much your repayments will be. It also includes any interest charged. We will start taking the payments the month after you apply. |
| Repayment period | The maximum loan term is 48 months and must be repaid by your 70th birthday. |
| Amount of loan available | You can borrow up to £5,000 using our Credit Builder Loan.
A top up to the loan may be considered subject to a further credit reference agency search but this must not show any deterioration in your financial position and preferably improvement since the initial loan. If a top up loan is agreed, it will be offered at the prevailing rate at the time of application. |
| Application/ Arrangement Fee | None. |
| Missed Payment and Default Fees | None. There is no fee charged for missed payments or defaults however if you fail to pay any amount due under this Agreement or breach the terms of this Agreement in some other way, we will seek to enforce our legal rights under the Agreement. Missed payments can have a negative impact on your credit file. For more information on the impact of defaults, please read the full terms and conditions. |
| Early settlement | You can repay the loan, fully or partially, and there are no penalties or fees for doing so.
If you repay your loan in full you are required to pay any accrued interest. This is calculated from the date of the last repayment to the date of settlement. If you overpay your loan or make additional payments this will reduce the outstanding balance, so you will pay less interest. The amount of your monthly payment will stay the same, so you may also repay your loan more quickly. |
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Download key documents here
General Loan Terms and Conditions
You’re covered with Life Protection
Life Protection is included with all our loans and covers you up until your 70th birthday. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.
Loans are protected up to a maximum of £40,000 per member. This means your loan would be cleared, ensuring your debt does not remain outstanding, subject to our terms and conditions.
All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.
Need help?
If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you.
If you’re not ready to contact us directly yet you can fill out a form here to provide more information and we’ll assist you in any way we can.
Slater House, Oakfield Road,
Cheadle Royal Business Park,
Cheshire, SK8 3GX
Cheadle Royal Business Park,
Cheshire, SK8 3GX
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Copyright © 2024 No1 CopperPot Credit Union
Number One Police Credit Union Limited trading as No1 CopperPot Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number (FRN) 213301. For details visit http://www.fca.org.uk