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