Military loans? 13 October 2008 at 11:56AM in UK armed forces MoneySaving 10 replies 3K views

chopandchange

Does anyone know of any companies that offer a good low interest rate on unsecured personal loans for people serving in the forces?

I'd appreciate any recommendations from companies you have actually dealt with in the past.

Thanks everyone.

genieuk

I can't say that I have come across any, the high street would be my first choice our last couple of car loans have been through the bank and we opt out of their insurance as the risk of getting sacked or made redundant are next to zero.

Have a look through the soldier magazine or AFF journal they may include adverts from financial companies

matt4anna

Hi, you often find people offering finance to armed Forces but not at a more competitive rate.

Most decent banks that you hold your current account with are a good bet, because of our job, moving around all the time, not on the electoral role all the time etc, your own bank will look at your finance with them in addition to your credit score and give you extra thought.

I have always found RBS very good for this, also if your own bank are not giving you the best quote, consider upgrading your account to a better one for a preferential rate, a couple of months later, cancel the subscription for the upgraded account!

If you are struggling in any way to get credit from your own bank then it's more than likely going to be the same elsewhere.

If you are overseas and have a while on your posting left, you may be able to get a good rate from a German bank but you have to satisfy certain conditions and may have to repay in full before leaving the country.

Hope this helps!

matt4anna

In addition, talk to your local branch not an online, over the phone main salesman for your bank, these are just like salesman.

paulallan_2

I can suggest http://www.armedforcesloans.com/

RainbowBrite_3

Suggest away paulallen but thats aimed at US Forces not UK.

mannews

Depends on what you want the loan for. I knew someone who got a loan for a car from the garage he got the car from and got him to reduce the rate on the loan. Was a few years ago, but the question is does itcost you anything to ask?

Cod_Almighty

Have you thought about becoming a credit card tart?

I have done this for my Campervan and I haven't paid a penny interest so far.

ChrisWork

Hi,

I know this is a bit late but I have just come across this site which is dedicated to offering personal loans for the military and armed services including their family.

Its not letting me post a link but the website is w ww.serviceloans.co.uk

Geezer_BJ

The site is asking for a access code .... any ideas ?

ChrisWork

Not too sure why. I can get on to the site fine. You just need to select an option from the right menu depending on whether you own your home or not.

I would post a link but it doesn't let me. But try entering www. serviceloans.co.uk without the space.

Let me know if you have any further issues with it.