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HOME > LOANS > TERMS

The credit facility will operate in accordance with the following terms and conditions:

1. If your application is accepted you will be granted a loan by the Credit Union.
2. The Credit Union does not guarantee to grant the loan advance requested. You will be required to fill in a Loan Application Form for the information of the Credit Union when requested.
3. If any loan advance is made to me, I shall be required to make the agreed repayments. I am aware that the agreed repayments must be deducted at source via my payroll including pension payments (if applicable and/or available to Police Credit Union) for the full term of this agreement.
4. Each of the agreed repayments will first be applied to pay the interest due on your existing loan balance and the remainder applied to reduce your outstanding loan balance.
5. For any loans received, the Credit Union may charge interest at the rate of up to 2% (two per cent) per month on the balance of the loan outstanding. Should the Credit Union be permitted by law at some future date to charge a higher interest rate, it may do so, but you will be informed of any such change.
6. If you miss any of the agreed repayments, the Credit Union may at its discretion, terminate this agreement and apply any shares held by you in the Credit Union towards repayment of the outstanding loan balance. Any decision by the Credit Union not to exercise its rights to terminate this agreement, will not be a waiver of its rights to terminate at a future date, if you are still in breach of this agreement or breach it again.
7. You may terminate this agreement at any time by notice in writing delivered to the Credit Union, provided that if you have a loan balance outstanding at that time, you shall be required to repay that amount immediately plus interest at that date.
8. This agreement may be varied at any time by agreement in writing between yourself and the Credit Union.
9. 1. Should you cease to be a police officer or cease to receive a pension from the Police Authority, or leave the employment of the Police Authority before your loan is repaid in full, the outstanding balance and all interest due shall become immediately repayable in full unless prior agreement is made with the Police Credit Union Ltd.
   2. If you are the spouse of, or a member of the immediate family of, or a member of the same household and also a relative of a police officer or a member of police staff, and you cease to be a police officer or leave the employment of the Police Authority before the loan is repaid in full, then the outstanding loan balance and all interest due shall become immediately payable in full unless prior agreement is made with the Police Credit Union Ltd.
10. In the event that at any time the loan balance and interest become immediately repayable in full, in accordance with the foregoing terms and conditions then:
    1. The Credit Union may apply any shares of savings held by you in the Credit Union towards repayment of any outstanding loan balance and interest.
    2. If you are, or were a police officer, or in the employment of the Police Authority, any money held for you or otherwise payable to you by the Police Authority may be transferred to the Credit Union to repay any outstanding loan balance and interest.
    3. Where I am the spouse of, or a member of the immediate family of, or a member of the same household as and also a relative of a police officer or a member of police staff or police pensioner, any money held for or payable to the police officer or member of police staff or police pensioner in question may be transferred to the credit union to repay any outstanding loan balance and interest.