Launched in October 2015, the Credit Union Services for the Armed Forces offers simple savings accounts and ‘affordable’ loans to military personnel.
This is an arrangement, backed by the Ministry of Defence, which means that Armed Forces personnel are be able to save regularly or repay loans with Credit Unions directly
through their pay packets, via deductions from their payroll.
Because their jobs involve moving on a regular basis it can be difficult for military personnel to build up a good credit rating and subsequently loans at reasonable rates.
The Credit Union service now serves over 4,500 members of the Armed Forces, having helped Service personnel save over £1.5 million and lent over £8 million in affordable loans since 2015.
Who Qualifies to Join?
The Credit Union service is available to:
- Serving Personnel;
- Their immediate family members; and
- Veterans who are in receipt of a pension.
What are the Credit Unions?
There are currently three credit unions:
Where Can I Get Further Information?
Further information can be found @ Joining Forces CU, including details of the services being offered.