Consolidation Loan
Clear Your Debts and Reduce Interest by Combining All Your Loans, Credit Cards, or Overdrafts Into One Monthly Payment.
Key Features
- Borrow from £300 to £25,000
- Rates starting at 7.9% APR
- No hidden fees or charges
- Repay from your pay or by Direct Debit
- Online account management
- Save money as you borrow
- FREE Loan Protection up to £10,000
- Plus, HUGE Lifestyle Discounts
Credit subject to status. Terms and conditions apply. Figures are illustrative. Actual rates, repayments, and amounts repayable may vary depending on creditworthiness, loan amount, and loan term. Loans are subject to status and affordability checks. We cannot guarantee approval of your loan application until an assessment has been made. Supporting documentation may be required. Representative APR: 14.5%. Representative Example: Borrowing £3,000 over 24 months at a representative APR of 14.5% would result in monthly repayments of £144.75, with a total amount repayable of £3,473.96, and total interest of £473.96.
FAQs
Here are some of the most common questions about our loans. If you need help or more information, you can call our team on 0208 066 3400 or you can use our contact form.
What is a consolidation loan?
A consolidation loan allows you to combine multiple debts into a single, manageable monthly repayment, helping simplify your finances and reduce stress.
If you have arrears with any of your creditors or are struggling to make your minimum repayment, a consolidation loan might not be the best option for you. Check out our resources and support page for help.
What types of debt can I consolidate?
Typically, personal loans, credit cards, and store card debts can be consolidated. We’ll review your circumstances to ensure the loan is suitable.
Who can apply for a consolidation loan?
Consolidation loans are available to serving Armed Forces personnel, veterans, and their families.
You must also be a member of First Defence Finance or Plane Saver Credit Union to apply.
How much can I borrow?
Loan amounts vary depending on your circumstances and affordability. Our aim is to provide fair and manageable loans tailored to your needs.
You can request to borrow from as little as £300 all the way up to £25,000.
How do I apply for a Consolidation loan?
Become a MemberMembers can apply online or via the mobile app quickly and securely. Our loan application process is simple, transparent, and designed with the Armed Forces community in mind.
If you are not a member yet, you will need to Become a Member first.
Can I repay my loan via payroll deduction?
Yes! If you are currently a serving member of the Armed Forces or, if your employer is a partner, repayments can be taken directly from your wages, making it easier to manage your loan alongside your regular savings.
We can also set up repayments by Direct Debit for any Veterans or Family members who do not work for an employer partner.
How long does it take to get a decision?
Once we receive your application, we aim to respond within one working day. We may request additional information, and we encourage you to provide it promptly so we can complete our assessment fairly and efficiently. This helps ensure you receive your funds as quickly as possible.
Are there any hidden fees or charges?
If you apply to borrow from us directly, there are no fees.
All loans are transparent and fair, with clear terms and no hidden charges.
Before you sign your agreement, we highly recommend that you read the terms carefully and contact us with any questions you might have.
Will applying for a loan affect my credit score?
Our loans are assessed based on affordability, not just credit history. While a credit check is a necessary part of the process, we aim to support members without negatively impacting their credit unnecessarily.
It is important to know that when you apply for credit (with any provider), a 'hard search' will likely appear on your credit file.
Can I pay off my loan early?
Yes! Early repayment is allowed, which may reduce the total interest you pay. Terms will be outlined clearly in your loan agreement.
Repaying Loans From Your Pay
When we approve a loan, we'll work with you to set a repayment amount and a monthly savings goal. We'll then arrange for your employer to deduct this agreed amount from your after-tax salary. Rest assured, your employer won't know whether the deduction is for a loan repayment or savings!
Who Can Join?
- Anyone currently employed by the Ministry of Defence, British Army, Royal Navy or the Royal Airforce.
- British Military Veterans.
- Family members living in the same household as the above.
