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Monday, 7 November 2016

Credit Unions - Financial Help For Armed Forces

A new service offering simple savings accounts and "affordable" loans to military personnel, who can sometimes struggle to get access to financial products, has been launched by credit unions.
The arrangement, backed by the Ministry of Defence, means Armed Forces personnel will be able to save regularly or repay loans with credit unions directly through their pay packets, via deductions from their payroll.
Credit unions are mutual financial co-operatives that take deposits and give loans to members. Family members and retired personnel receiving a pension are also eligible to join the new service, whose launch coincides with International Credit Union Day.
Credit unions trade association Abcul (the Association of British Credit Unions Limited) says that over the years, people serving in the Armed Forces have reported difficulties accessing credit because their job involves moving regularly and it can be challenging to build up a good credit rating. It adds that some personnel report being targeted by high-cost lenders.