Loans
Supporting the Police Family since 1989
As part of your membership with SPCU, we provide access to our loan applications for members over the age of 18. We offer a range of products to suit your lifestyle and needs.
Apply online by clicking below or use our Loan Calculator to see if you could potentially save by borrowing with us.
Loan Products
All loan applications at SPCU are considered by our experienced team and, on average, 99% of our loans have a decision and are paid out within 24 hours. Every approved loan with us comes with Loan Protection and Payment Waiver included at no additional cost to our members and we provide loans under £1,000!
Click through our range of loan and credit products below
| Loan Value | Standard APR Rate |
|---|---|
| £2,499 or less | 12.7% GUARANTEED |
| £2,500 – £4,999 | 10.9% GUARANTEED |
| £5,000 – £7,499 | 7.9% GUARANTEED |
| £7,500 – £14,999 | 6.9% GUARANTEED |
| £15,000 – £25,000 | 7.1% GUARANTEED |
Each of our loan products can be topped up at any point throughout the term as long as the new total balance does not exceed the maximum value or term! When applying for a loan online please make sure to select the same product as your current loan as this will automatically include your current outstanding balance.
Your new payments will be recalculated on your new loan term and amount.
New Recruit Loan
Available to all New Recruits within Police Scotland and BTP, this product is here to help you kick off your career. Borrow £350 over 6 months at 0% APR.
| Minimum | Maximum | |
| Loan Value | £350 | £350 |
| Term | 6 Months | 6 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
New Member Loan
Available to all New Members within their first 6 months of their SPCU membership. Borrow £500 over 6 or 12 months at 12.7% APR.
| Minimum | Maximum | |
| Loan Value | £500 | £500 |
| Term | 6 Months | 12 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Standard Loan
Available to all New Members within their first 6 months of their SPCU membership. Borrow £500 over 6 or 12 months at 12.7% APR.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 120 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Home Improvements Loan
Available to all New Members within their first 6 months of their SPCU membership. Borrow £500 over 6 or 12 months at 12.7% APR.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 120 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Holiday Loan
Available to all eligible members for any Holiday purpose including staycations, going abroad, rentals etc. Borrow up to £7,500 over 6 to 60 months.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 120 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Motor Loan
Available to all eligible members for any Motor related purpose including cars, motorbikes, e-bikes, caravans, repairs etc. Borrow up to £25,00 over 6 to 60 months.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 60 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Car Repairs Loan
Available to all eligible members for any Car Repair related purpose including repairs to cars, motorbikes, e-bikes, caravans etc. Borrow up to £3,000 over 6 to 36 months.
| Minimum | Maximum | |
| Loan Value | - | £3,000 |
| Term | 6 Months | 36 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Christmas Loan
Available to all eligible members all year round for any Christmas related purpose including gifts and bills, etc. Borrow up to £1,500 over 6 to 12 months.
| Minimum | Maximum | |
| Loan Value | - | £1,500 |
| Term | 6 Months | 12 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Leisure Loan
Available to all eligible members for any Leisure related purpose including gifts, sports equipment, golf or club fees, hobbies, etc. Borrow up to £10,000 over 6 to 60 months.
| Minimum | Maximum | |
| Loan Value | - | £10,000 |
| Term | 6 Months | 60 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Green Loan
Available to all eligible members for any Eco-Friendly related purpose including boiler upgrades, solar panels, electric cars or bikes, door and window upgrades, etc. Borrow up to £25,000 over 6 to 120 months.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 120 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
New Arrival Loan
Available to all eligible members for any Baby or Adoption related purposes. This product is here to help you through your Maternity, Paternity or Adoption process. Borrow up to £1,500 over 6 to 18 months that comes with a 6 month payment break included.
| Minimum | Maximum | |
| Loan Value | - | £1,500 |
| Term | 6 Months | 18 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Debt Consolidation Loan
Available to all eligible members for any Debt related purpose including clearing credit cards, personal loans, catalogue and store cards, bills, Buy Now Pay Later, etc. Borrow up to £25,000 over 6 to 120 months.
| Minimum | Maximum | |
| Loan Value | - | £25,000 |
| Term | 6 Months | 120 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Budget Booster
Supporting the Police Family since 1989
Available to all eligible members to provide a line of credit when needed. Our Budget Booster can be accessed immediately from our website or mobile app once approved. You can withdraw from your Budget Booster at any time without the need for another application and you only need to pay the interest on the balance that you use.
Apply for a limit of £500, £1,000, £1,500, £2,000 or £2,500 over 36 months with the option to apply for a renewal every 3 years.
Please contact the office on 0141 771 1314 if you are interested in applying for this product.
| Minimum | Maximum | |
| Loan Value | £500 | £2,500 |
| Term | - | 36 Months |
Loan Protection
Every approved loan with SPCU comes with Loan Protection cover included at no extra cost up to the age of 70. T&C’s apply. For more information click here
Payment Waiver
Every approved loan with SPCU comes with Payment Waiver cover included at no extra cost. You can make a claim for Payment Waiver if you have been/are on sick leave consecutively for 4 months or longer. T&C’s apply. For more information click here
Loan Calculator
Not sure if you should apply ?
Before applying for any credit, it’s important to make sure that it’s the right option for you. Use our Loan Calculator to see how much a loan could cost you each month and if the repayments, and interest, are affordable for your current financial situation.
SPCU is here to help you, and your family, however we will never put you in further financial harm. Every loan is considered by our experienced team who will evaluate if the loan benefits your financial situation in the long run.
Frequently asked questions
Upon registration, you can apply to borrow £500 straight away through our New Member Loan (subject to previous borrowing history for rejoining members). Once you have received
a Member Number, you can apply to borrow up to £25,000 through a variety of our products.
Approved loan funds will be released after an initial £10 payment has been deposited either by debit card, bank transfer or from your first monthly deduction.
From this payment £5 is taken as an entrance fee and donated to The Scottish Police Credit Union Foundation and the remaining is your minimum savings balance.
This will depend on your balances at the time you are looking to access your savings. Any savings you hold in your membership account are held as collateral against any outstanding
loan balance you have, however you may withdraw savings if the savings value is in excess if the total loan value. At this point you may withdraw the difference.
Your savings are not held in attachment to your Budget Booster, however if you have any
other loan product you may not be able to access your savings.
Although we may credit reference any loan applications we receive, this is used only as part of our decision process. Various factors are taken into account when applications are considered, and decisions are primarily based on affordability.
Yes. This will reduce the term of the loan but not the monthly repayment. Please call us or message through your online account if you wish to do this.
All our loan products come with Payment Waiver Cover as a feature of the loan and at no cost to you. If you are off your work for more than 4 months you can make a claim and your
payments may be covered for up to 18 months. (T&C’s Apply).
We also provide Loan Protection and Life Savings cover at no cost to you ensuring financial
peace of mind for your loved ones in the event of your passing. (T&C’s Apply).
For more information on these products please click here.
You can increase your loan repayments at any time by contacting the office on 0141 7711314, info@scottishpolicecu.co.uk or messaging through your online account.
After this, you can reduce your payments back down to the initial loan repayment at any point.
If you are experiencing difficulties meeting your repayments and wish to decrease them, please contact us immediately where we will do all we can to assist you.
