Frequently Asked Questions

Browse through some of our most Frequently Asked Questions.

If your question isn't answered here please contact us.

What is a Credit Union?

Credit Unions are financial co-operatives which are owned and run by their members. Each member of the credit union shares a ‘common bond’ or association such as where they work or live. In the case of First Defence Finance, our membership comprises of active armed forces personnel, veterans and relatives who share the same household.

How do I become a member of First Defence Finance?

To join you can apply online here.

Joining is free but every member must save a minimum of £10 per month in their Regular Saver account.

How do I save with First Defence Finance

Members save straight from their salary via payroll deductions. With a payroll deduction, payment amounts are automatically deducted from your salary and deposited to your credit union account(s) every payday. Deductions will show up on your pay slip as Plane Saver or Credit Union deduction.

Who can apply for a loan?

Only members of First Defence Finance can apply for loans. Loan applications can be made online or using the application forms available at our office.

Is my money safe?

Your savings are covered by the Financial Services Compensation Scheme (FSCS), meaning your money is protected up to the first £85,000.

When can I apply for a loan?

You can apply for a loan as soon as you become a member. Please note, to qualify for a loan, you must be over 18 years of age.

How much can I borrow?

You can apply for amounts up to a maximum of £25,000, above the value held in your Regular Savings account. Your income, credit history, loan amount at the time of application will be evaluated among other factors.

If my loan is declined, how long do I need to wait until I can re-apply?

If your loan is declined you must wait a minimum of 4 months before re-applying. It is recommended you consider why your application was turned down and improve any underlying issues.

Are there any early repayment penalties?

There are no early repayment penalties on our loans. Also interest is calculated on the reducing balance; this means as payment is made on the loan, the amount of interest due is also reduced.

Become a member and start saving today!

We put this in practice by providing you with fair rates of borrowing, flexible savings accounts to kickstart that habit and financial education as a means of giving you the tools to manage your finances more effectively.