London Mutual Credit Union has launched dedicated financial services for HM Forces personnel, becoming one of only three UK credit unions selected by the Ministry of Defence for the ‘Joining Forces’ initiative.
The new service allows serving Armed Forces members, veterans receiving pensions, and Reserves personnel to save and repay loans directly from their salary or pension through payroll deduction, making affordable financial support accessible regardless of where they are based.
Victoria Cross hero joins as founding member
Lance Sergeant Johnson Beharry VC, awarded the Victoria Cross in 2005 for twice saving members of his unit, the 1st Battalion Princess of Wales’s Royal Regiment, from ambushes in Iraq, has joined London Mutual Credit Union as one of the first members through the new scheme.
Johnson Beharry VC said: “I am pleased to join London Mutual Credit Union and I look forward to spreading the word about this new scheme for military personnel. It is often difficult for people in the armed forces to gain access to financial services, especially those serving overseas who have little or no way of getting credit in the UK. By joining a credit union, armed forces personnel will be able to access affordable loans when they need them and to plan for the future by saving directly from their pay packets through payroll deduction.”
Meeting unique military banking needs
The scheme addresses particular challenges faced by military personnel, including difficulty accessing financial services whilst deployed overseas and limited credit options available through traditional banking channels.
Lucky Chandrasekera, Chief Executive of London Mutual Credit Union, said: “We are delighted to be offering credit union services to the British Armed Forces and we are happy to welcome Johnson Beharry VC as one of our first members through the new scheme. We look forward to helping many military personnel benefit from safe savings and affordable loans.”
The Ministry of Defence partnership recognises credit unions as an important resource for providing ethical financial services to military families, offering an alternative to high-cost lending that can affect service personnel’s financial wellbeing.
Supporting military families nationwide
The new services are available to all serving British Armed Forces members, former service personnel receiving military pensions, and active Reserves members across the UK, regardless of their base location.
By offering direct payroll integration, London Mutual Credit Union provides military personnel with convenient access to savings accounts and affordable loans that can support both immediate financial needs and long-term financial planning.
