Credit union loans and savings for UK armed forces personnel

As a credit union,  we’re committed to improving the financial well-being of all those who serve in our armed forces. Membership is open to all Army, Royal Navy and RAF personnel. Salary-deducted loans and savings delivered in partnership with the MOD.
From just 4.5% APR.

London Mutual Credit Union
Armed Forces Covenant

Calculate my loan

Save hundreds of pounds compared to credit cards and overdrafts

Who can apply?

Current members can apply for a loan at any time. Assuming you live within our common bond and are eligible to join, it is also possible to become a member at the same time as you apply for a loan.

Certain products and promotions are only open to those who have been a member for a certain period of time, have a certain amount saved with us, or who are signed up for payroll deduction.

The application process

Our online application form is straightforward, and should take about 15 minutes to complete. Before you begin, it's worth having your national insurance number handy, as well as a photo or scan of your payslip and bank statements. You may be asked to provide these as part of the process.

Once your application has been received, it will be looked at by a member of our loans team, who will use the information you've provided to decide whether or not we can approve your application. This can take 7-10 days. We'll update you by SMS and let you know the outcome when this step is complete.

If your application is approved, you'll be asked to sign a loan agreement setting out the terms of your loan, including details such as the amount to be borrowed and the repayment period.

Once the loan agreement is signed, we'll transfer the funds into your account within 2-3 working days. Loan repayments will then take place on the date and via the method agreed.

Will I be accepted?

We will make a decision based on how much you have applied for, and our assessment of your ability to repay. We'll do this by at your income, expenditure and credit history. When you apply, we may ask you to provide bank statements and payslips as evidence of this.

All loan decisions are made by a person, not a computer, and so we will always try to take the whole picture into account. In cases where we can’t approve the full amount, we may be able to offer you a lesser amount, or an alternative rate.

How to apply

You can apply at any time using our online application process. Simply use the calculator on this page to decide how much you'd like to borrow and over what period of time. Then, click 'apply for this loan' to begin the process.

You can also apply in person in any of our branches - just be sure to bring valid ID and proof of address, payslips and bank statements with you.

Not ready to apply? Get a reminder emailed to you, with a handy link to apply.

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How it works

Finance built for life in the Armed Forces

Join us

As a credit union, we’re owned by our members. We exist to support your financial well-being, not to make a profit.

We already serve over 30,000 members across London, and in partnership with the MOD, membership is now open to members of the UK armed forces as well.

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.

We understand the realities of armed forces life, and consider applications based on individual circumstances, not just a score or a number.

Salary deduction

Through our partnership with the MoD, you can repay your loan or regularly contribute to your savings, with a regular amount deducted from your JPA salary.

That means more security for us (which we pass onto you via better rates), and no worries or hassle for you.

Types of loans available

What types of things are loans available for?

Buying a car

When you’re based around the country, we know how vital it is to have a reliable set of wheels so you can get home.

Borrowing from a credit union can often be cheaper than purchasing via car finance, with a lower rate of APR and fewer complications.

Consolidating debts

Credit cards, overdrafts and other types of borrowing can quickly add up.

Come to us before it gets tricky, and a credit union loan can help you to pay it all off sooner by consolidating it into one convenient, salary-deducted repayment at a lower rate of interest.

Settlement & citizenship

If you’re looking to make the UK your permanent home, we can help.

Application fees can reach into thousands of pounds for a whole family. We know it won’t always be possible to save, so a credit union loan could enable you to settle sooner.

Getting married

Sometimes life doesn’t wait for you to say ‘I do’. If you’re ready to pop the question, we can help you sort out the rest.

A credit union loan can help to spread the cost of that perfect ring and of planning a day you’ll both remember forever.

What’s on offer

Our services for Army, Royal Navy and RAF members

Low-cost armed forces loans

Our credit union loans for armed forces members come at competitive interest rates. As a not-for-profit, we keep things straightforward, with no hidden costs, no arrangement fee and no early repayment penalties.

Easy current accounts

Members can access their money from any Link cash machine, and choose from five different type of accounts to suit their needs. 

Salary-deducted savings

Build a secure financial future for yourself and the people you care about. Get into the savings habit by having a little deducted directly from your pay each month via our Ministry of Defence payroll deduction facility.

Who can join?

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

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Active 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

London Mutual Credit Union

London Mutual is 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 Logo

Ministry of Defence

We work in partnership with the MOD, working to build the financial strength of armed forces personnel and their families through its ‘Joining Forces’ initiative.

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.

Sgt Johnson Beharry VC Joins London Mutual Credit Union

In 2015, we were honored to welcome Sgt Johnson Beharry VC as our first member from the armed forces.

Financial Services Compensation Scheme Protected

Your money is safe

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 a credit union?

Serving members of the British Army and their families

Owned by the community

We are run for our members from across the armed forces community, not shareholders. That means we put yourt financial well-being first, and do what’s right right for you, not just our bottom line.

London Mutual Credit Union's branch at Heaton Road, Peckham

Low rates of APR

With loan rates from 4.5% and no hidden charges or early repayment fees, members can save hundreds of pounds compared to credit cards, overdrafts and online lenders.

Access our online banking facilities from overseas or when deployed

Designed for the armed forces

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