Borrow from £1,000 to £25,000 and repay from your salary at rates from as low as 4.5% APR.


Get into the savings habit with regular savings deducted directly from your armed forces salary.

About us

Forces Finance is delivered in partnership between London Mutual Credit Union and the MOD.

How it Works

Decide how much you’d like to save each month or borrow, and we’ll arrange the with your employer.

Join Forces Finance

Consolidation Loans

Borrow between £500 – £7,500 to consolidate your debts

We can help get your credit card or overdraft paid off sooner

If you’re looking to pay off your overdraft, are stuck in the ‘minimum payment’ trap, or just want to combine everything into one simple monthly payment, we may be able to help. Combine it into one predictable monthly repayment, with a clear end date, and a lower rate of interest.

Consolidation Loans

BorrowRepay overAPR
£2,500 – £15,0006 Months 7 Years16.5%

Key Features

Save money on interest with a lower APR

If approved, we'll pay off your creditors on your behalf

No arrangement or early repayment fees

Decisions by a person, not a computer

Build savings as you repay

Eligibility Criteria

To apply for this loan, you must:

Be 18-74 years old on the date you apply

Be in the Armed Forces or otherwise eligible to join us

Have a UK home address

Not be in an IVA or bankrupt

Will I be approved?

All our loans are subject to manual credit and affordability checks. Our consolidation loans are designed for those who are currently managing their debts, and who are looking to save money on interest, and to clear their debts sooner.

If you have large debts or are currently struggling to meet repayments, a consolidation loan may not be the right solution.

You are currently keeping up with your existing repayments and other financial commitments.

You owe a combined amount of less than £7,500 in unsecured borrowing (not including mortgage).

What you’ll need


A copy of your most recent payslip

Your National Insurance number

Your Service Expiry Date (downloaded from JPA)

Details of what you currently owe, including amounts, APR, and amount left to repay.

Application Process

Unlike many lenders, all loan applications are considered by a real person. The outcome of your application will be based on careful consideration of all the relevant facts, not just an automated score.

Apply Online

Loan Decision

Offer & Agreement



Apply Online

The online application will take roughly 15 minutes. As part of the process, we will ask for some information about your address history, your career, and your current household income & expenditure.

We’ll also ask you for copies of your recent bank statements and confirmation of the date you are due to leave the armed forces. It will speed things up if you have these ready, but if not, don’t worry—we will email you with a link to upload them later.


Loan Decision

After we receive your application, our team will look through all the information you have provided to decide if we can offer you a loan.

As part of this, we will check your bank statements to make sure that the repayments are affordable—this is to protect us both, by making sure we only lend you what you can comfortably afford to repay.

This process should take 7-10 days, and we’ll send you daily text updates so you know what’s going on, and in case we have any questions.


Offer & Agreement

Once our Loan Team have made a decision, we’ll let you know by email, letting you know how much we can offer you, the interest rate, and the amount you’ll repay each month.

Often, we’ll be able to offer you the full amount you applied for, but sometimes, it may be less. If you are happy to accept our offer, we’ll email you with a digital copy of your Loan Agreement, for you to read and sign.


Loan Payment

The best part! Once you return the Loan Agreement, the loaned funds will arrive into your account in 36 hours.

We will take care of the rest, and arrange with the Ministry of Defence for your agreed repayments to be deducted from your pay each month. You will see this listed on your payslip, alongside tax, student loan, and any other deductions you may have.

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This calculator helps you to estimate your current borrowing, and the potential savings of paying it off using a London Mutual Credit Union consolidation loan.

Important information

This calculator is provided as an informational tool enabling to compare the cost of borrowing with a typical London Mutual loan, compared to the average APR of a credit card in the UK (21 Sept 2021).

Please be aware that:

  • This summary is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing.
  • Results should not be considered personalised financial advice, and if in doubt you should always seek independent professional advice.
  • The results of this tool will only be as accurate as the information you provide. Results are on the basis of information inputted, but there may be other factors which this tool does not take into account, which could change the result displayed.
  • We cannot be held responsible for any inaccuracies, errors or omissions.
  • Loan products may be withdrawn at any time and are subject to availability at the time of application.
  • All loan decisions and actual rates are dependent upon personal circumstances and credit reference information provided to us by Credit Reference Agencies.

What you currently owe

What you can afford to repay each month

Increasing this will enable you to pay everything off sooner, saving you money on interest.

Your Result

Consolidation loan
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  • Average credit card APR:
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