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Loans

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

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Savings

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

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About us

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

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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

Forces Finance Card

Cards, Reinvented

Forces Finance Card. A flexible line of credit, linked to a MasterCard® debit card, with fixed monthly repayments, straight from your salary.

Example: £2,000 Limit, 19.6% APR

A payments card that’s simple to stay on top of.

We asked our members across the armed forces what they wanted from a payment card, and what it was about credit cards and overdrafts that wound them up.

The result is Forces Finance card, a flexible line of credit linked to a handy MasterCard® debit card. Unlike credit cards, there is no ‘minimum payment’ that means your debt can spiral. Instead, you pay a predictable, fixed amount each month, directly from your salary. This means that even if you max out your credit limit, you’re never more than 18 months away from paying it all off.

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Up to £2,000 limit at 19.6% APR

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Predictable payments, directly from your MOD salary

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A contactless MasterCard® debit card

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Apply risk-free with no impact on your credit score

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Apply online

It’s easy to apply online via our secure form. The process should take 15 minutes or less, and is risk-free, with no impact on your credit score. 

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Use your card for anything

Use your card anywhere a MasterCard debit card is accepted. Debit card transactions are included, with a small fee for cash withdrawals.

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Take a holiday

For up to 30 days per year, overseas payments and cash withdrawals are on us. Once a year, you can also arrange a one-month holiday where your payment will be paused.

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Get approved

After we’ve determined whether we can issue a card, and to set a credit limit that is affordable for you. Your card will arrive in 7-10 days, and we’ll arrange repayments with the MOD.

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Fixed monthly repayments

The same amount will be deducted from your payment each month, regardless of your card balance. If you pay in more than you owe, the money goes into your savings, and you won’t pay interest.

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Convert the balance into a loan

If you’re deployed or your plans change, you can convert what you owe into a loan. Your card will be deactivated, and repayments will continue until the balance is paid off.

A payments card that’s simple to stay on top of.

We asked our members across the armed forces what they wanted from a payment card, and what it was about credit cards and overdrafts that wound them up.

The result is Forces Finance card, a flexible line of credit linked to a handy MasterCard® debit card. Unlike credit cards, there is no ‘minimum payment’ that means your debt can spiral. Instead, you pay a predictable, fixed amount each month, directly from your salary. This means that even if you max out your credit limit, you’re never more than 18 months away from paying it all off.

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Up to £2,000 limit at 19.6% APR

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Predictable payments, directly from your MOD salary

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A contactless MasterCard® debit card

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Apply risk-free with no impact on your credit score

Safety First

We think it ought to be possible to borrow conveniently, without the ‘gotchas’ that can sometimes lead to problems with debt.

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Salary repayment

No direct debits or remembering to pay on time.

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Balance by text

Get your balance at any time with a simple SMS.
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Save as you go

If you pay in more than you spend, you’ll build savings.
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Pay it off

Convert the card balance to a loan with no penalties.
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Maxing your card

We’ll let you know if your card is near its limit

Who can get it

Forces Finance Card is available exclusively to serving members of the UK armed forces, with repayments made directly via your salary.

Got a Question?

Get your questions answered before you apply.

Who can apply for the Forces Finance Card?
Currently, this product is only open to existing members who are registered for payroll deduction (with savings or loan repayments taken from an MOD/JPA salary). Eventually, any serving member of the UK armed forces will be able to apply.

As with any type of loan or credit, availability will also depend on your individual circumstances, including your other financial commitments and your ability to repay.

What does it cost?
Your single monthly payment is the same each month, regardless of how you use the card. It includes your loan repayment, interest and all fees.

Your monthly payment is calculated as a percentage of your overall card limit plus interest. As an example, with a card limit of £2000 and a repayment period of 18 months, your monthly payment would be approx £130. 

Why pay the same every month?
Paying the same amount each month makes it easy to budget and plan your finances. It also means you’re never more than a fixed number of months away from paying off the card in full. 

If your monthly payment covers more than what you owe on the card, the money you’ve paid in is still yours to spend later, or, if you prefer, we can transfer it into your savings.

Is this a credit card?
No. Forces Finance Card is a debit card associated with a revolving loan facility, and is not a credit card.

One way to think of it is as both a loan and a current account. The loan is prearranged, and available to you whenever you need it, up to an agreed limit. When you apply for the loan, we will also set you up with a credit union current account specifically for this purpose, through which you can access the borrowed funds. You can then access it whenever you need, using the debit card provided.

Is my application likely to be approved?
All applications will be considered by an expert member of our loans team, rather than by a computer or automated process. We think that’s fairer, because everyone is different and it allows us to take your full circumstances into account.

When considering your application, we’ll look at your previous credit history as well as your income and other financial commitments, to ensure the card is the right fit.

Taking repayments directly from your salary means more security for us. This in turn usually allows us to offer greater flexibility and better rates than other providers. 

How does salary deduction work?

When you apply for the card, we’ll ask for details including your National Insurance and service number. As an approved partner of the UK armed forces, we will then provide these details to MOD payroll, who will arrange the deduction on your behalf.

Will my credit be affected?
When you apply, we’ll use a credit agency to check your credit status. We’ll conduct this as a ‘soft’ search, which means that there will be no record on your credit file if your application is not approved.

If you are approved for a card, we will regularly update credit reference agencies with information about your outstanding balance and repayments. Staying up to date with repayments is likely to have a positive impact on your credit file.

Because we make it easy to repay, this card may be a good way to build your credit score. On the other hand, missing or falling behind with payments will hurt your score, and may make it harder to get credit from us or other providers in future.

What happens if I leave the Forces?
Leaving the Forces may mean we can no longer take your payment directly from your salary (unless your new employer also offers salary deduction with us).

You will remain a member of the credit union, but will no longer be eligible for a Forces Finance card. After your leaving date, you will no longer be able to use your card. Any balance left on the account will be converted into a loan with us (at the same rate of APR) and repayments will continue via direct debit. To make sure this all happens smoothly, please let us know if you are changing employer as soon as possible.