Credit union loans and savings for Royal Navy personnel

Borrow or save at low rates, and optionally arrange for payments to be made straight from an MOD salary or pension. Loans from 4.5%.

Delivered in partnership between London Mutual Credit Union and the MOD. Member-owned, not-for-profit.

Sample rates

LoanAPRLimit
Saver Loan4.5%Up to the balance of your savingsinfo
Gold Loan6.9%£5,000 to £7,499info
Premier Loan13.68%Up to £7,500Apply 
Silver Loan19.5%£100 to £5,000

APPLY

 

CUOK emergency loan42.6% £100-1000Apply 

Note: LMCU loans are subject to our lending criteria and are assessed on your ability to repay the loan as well as our terms and conditions of membership of London Mutual Credit Union. All fees, pricing information and qualification information displayed on this page is for illustrative purposes only. Applying for a loan may affect your future abilities to take out future credit.

Account types

FeeATM withdrawals*Balance enquiries*
Value Plus Account
Includes 4 withdrawals and balance enquiries per month.
£5.12 per month£0.60£0.50
Pay As You Go Account£4.00 pm£0.60£0.50
E-AccountNone
Advantage Account£9.00FreeFree

* UK ATMs only

Learn more and apply

Note: LMCU loans are subject to our lending criteria and are assessed on your ability to repay the loan as well as our terms and conditions of membership of London Mutual Credit Union. All fees, pricing information and qualification information displayed on this page is for illustrative purposes only. Applying for a loan may affect your future abilities to take out future credit.

How it works

Finance built for life in the Forces

Become a member

As a credit union, we’re owned by our members. We exist to support their financial well-being, not to make a profit. We already serve thousands of people across London, and are now available to HM Forces too.

Borrow or save

Our award-winning range of loans, savings and current accounts are designed to make it easy for members to get their finances into shape. With low rates and no hidden fees, we’re often cheaper than a credit card or overdraft too.

Pay in directly from wages

Through our partnership with the MOD, members can arrange to have a regular amount deducted from their salary, and for this to be used to repay a loan or to build their savings. 

At a glance

Our best rates

Saver Loan

Members can borrow at a low rate against money already held with us. 

  • Borrow  up to the balance of your savings account
  • Pay over 160 months
  • 4.5% APR

Home Owner Loan

For home improvements, your dream car or anything else, borrow larger amounts at our lowest rate.

  • Borrow up to £25,000
  • Pay over 12-84 months
  • 4.9% APR

Platinum Plus Loan

Low rates rates for members who own their home, are a member of the armed forces, or pay via payroll.

  • Borrow up to £15,000
  • Pay over 1260 months
  • 5.9% APR

Gold Loan

Low-cost loan for members with excellent credit records and a take home salary of at least £1,500 per month.

  • Borrow  up to £7,499
  • Pay over 6-60 months
  • 6.9% APR

Full marks for fair banking

Our CUOK payday loan product has been awarded 5/5 stars by the Fair Banking Foundation. The Fair Banking Mark is your independent guarantee that our loans are built on fairness and transparency, and have been designed with financial well-being in mind. 

Who can join?

Membership of London Mutual Credit Union is open to any serving or retired member of the UK armed forces or reserves including:

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Serving members of the the Royal Navy, British Army or Royal Air Force

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Recipients of an armed forces pension

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Army, Navy, RAF or special forces reservists

Who we are

London Mutual Credit Union

Forces Finance is provided by London Mutual, one of the UK’s leading credit unions. Credit unions are owned by their members and run not-for-profit.

For over 30 years we’ve served communities across London. Now,  in partnership with the Ministry of Defence, our services are available to the UK armed forces too.

Armed Forces Covenant

Forces Finance is delivered in partnership with the Ministry of Defence, working to build the financial strength of armed forces personnel and their families.

Through our work to improve the financial resilience of members of the armed forces, London Mutual has been awarded the Armed Forces Covenant Bronze Award.

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Safe and secure

London Mutual is a fully licensed credit union, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), just like a bank. Every account is protected by the Financial Services Compensation Scheme (FSCS), up to the value of £85,000.

Why bank with a credit union?

Owned by the community

As a co-op, we are run for our members , not shareholders. That means we put their financial wellbeing first, and do right by them, not just our bottom line.

The best rates

With rates from 4.5% and no hidden charges or early repayment fees, we could save you hundreds of pounds compared to credit cards, overdrafts and high street lenders.

Designed around you

We understand the needs and financial challenges of armed forces life. We’re committed to our members’ success and helping them meet their financial goals.

Banking at the heart of our community

Join London Mutual credit union today

It only takes a few minutes to get started

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