Declaration of Financial Embarrassment (FE) – It is that time of the year when indebtedness can lead an officer into trouble, if the amount owed by the officer in totality is more than three times of his monthly income. Police Co-op routinely receives a flurry of recommendations and appeals for loan applications from members and their supervising officers just before the annual declaration of FE.

While we would like to extend our assistance to each and every one of the applicants, it is unfortunate that we have to turn some away, due to a myriad of reasons. The most common ones are that the debt has snowballed to an extent where the officer’s salary is unable to support the repayment, or the officer is not a member of Police Co-op during the time of loan application. Unable to obtain a loan from the Police Co-op means that the office in question is likely to face disciplinary actions, which may result in a loss of income, or even dismissal from service. It becomes even harder for the officer to settle his debt repayments to his creditors. A vicious cycle of borrowing from another high interest-charging financial institute to settle existing debts ensues, with the situation in danger of spiralling out of control.

Are you facing the same predicament with your financial status now? Perhaps you know of a colleague or staff who requires financial assistance, but he is unsure about the right avenues to address the problem? Stop procrastinating and call/email us at 6334 8055/ enquiry@policecoop.org.sg now, before the debts balloon out of control!

Why is Police Co-op the preferred financial institution to take a loan from?

Banks and Financial Institutions Police Co-op
Loan Limit (Unsecured Personal Loan) Up to four times of the applicant’s monthly income Up to six times of an Ordinary Member’s monthly income
Interest rates 18% – 25% per annum (overdrafts and credit facilities) 5.5% – 6% per annum (for members with more than 12 months of membership)
FE declaration Fails FE declaration if amount owing is more than three months of monthly income Loans not considered for FE
Payment Multiple accounts and deadlines to monitor Consolidate all outstanding debts so that there is only one deduction date and money is deducted from pay-packet or GIRO bank account automatically on a periodic basis

Only members can obtain a loan from Police Co-op

An officer must first fulfill the obligatory dues before qualification for a loan application.

The dues include:

  • Administrative fee for membership application (Ordinary Member – $10 & Associate Member – $20);
  • Share Capital purchase ($150) and;
  • One month’s contribution to the Subscription Saving Account (minimum $40/month).

The process from submission of membership application and required documents to actual fulfillment of the dues would take three months. For example, if an officer submits the relevant documents for membership application in May, he can only take up a loan in August. Therefore, join us now if you intend to take up a loan in future to ensure a smooth FE declaration!

Who can join us as a member?

Ordinary Membership Associate Membership
Employees (civilian staff included) from:

  • Ministry of Home Affairs (MHA)
  • Casino Regulatory Authority (CRA)
  • AETOS & its groups of companies
  • Attorney-General’s Chambers (AGC)
  • CISCO & its groups of companies
  • Corrupt Practices Investigation Bureau (CPIB)
  • Organizations which have Police Co-op representation on the Board of Directors
  • NSmen with MHA
  • Teachers associated with NPCC, members and former members of NPCC
  • VSC Officers

What are the benefits of being a member?

  • Welcome gift for new members*
  • Enjoy up to 3.5% dividends for your savings
  • Loan up to 6 times your monthly income without being declared Financially Embarrassed
  • Exciting freebies such as movie tickets & F&B vouchers and exclusive invites to events and workshops

*Terms & Conditions apply More details of membership can be found on our website at/membership/.