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%.
Sample rates
| Loan | APR | Limit | |
|---|---|---|---|
| Saver Loan | 4.5% | Up to the balance of your savings | info |
| Gold Loan | 6.9% | £5,000 to £7,499 | info |
| Premier Loan | 13.68% | Up to £7,500 | Apply |
| Silver Loan | 19.5% | £100 to £5,000 |
|
| CUOK emergency loan | 42.6% | £100-1000 | 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.
Account types
| Fee | ATM 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-Account | None | – | – |
| Advantage Account | £9.00 | Free | Free |
* UK ATMs only
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 1‑60 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 12‑60 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 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.
Safe and secure
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.