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Representative Example      Representative 1386.69% APR      Amount of credit: £300.00 for 21 days      Interest: £50.40      Total repayment: £350.40      Interest rate: 0.8% per day fixed rate                                

Our Services: Cash Advance Loans

We offer short-term loans as an alternative to payday loans. you can opt to repay via smaller instalments of capital plus interest (see below) over several pay periods.

All military applications are considered. To qualify for a loan, you must be over the age of 18 and a full-time serving member of the UK Armed Forces. Your salary must be paid into a UK bank account with an active debit card and you must have an email address and mobile phone.

Short Term Loans

In brief, Forces Loans provide short-term loans in the range of £100.00 to £800.00

If, after having read through the information, you decide you would like to apply for a loan, you will need to complete the application form on our website. To begin, use the sliders on the home page to decide exactly how much you want to borrow and how many pay periods you wish to repay over. This will show you the full cost for the loan. Once you're happy with everything, click 'Apply'. We'll then ask for some personal details and banking information. This should take no more than 5 minutes and can be done from the comfort of your own home or even on the move on your mobile phone or tablet. If you are unsure how to proceed or are unable to complete the form, please contact the office and we will go through the application process with you.

Applying for a loan should not be a decision you take lightly. Please remember that if your application is approved, it becomes a mutual agreement and you will need to keep a serious promise. We want our relationship to be a happy and trusting one, so we lay out the facts as clearly as possible. Only you can decide whether you take the loan or not, we will never put any pressure on you to do so. Please only apply if you are confident you will have the funds to comfortably repay the loan on the due date/s.

If approved after you have submitted the application form, we will usually provide an answer and send you a contract within minutes. You will need to sign the forms and return them to us. Upon receipt of your signed Loan Agreement and other requested information (which will be subject to our affordability and creditworthiness assessment), the funds will be paid into your account the same day, usually within 3 hours (must be received by 16:30pm, Monday to Friday). See costs page.

On occasion we are unable to secure credit approval for the amount requested; therefore the loan amount may differ from the amount required. Once your loan has been repaid, we may be able to increase your borrowing limit for any future loans you request with us.

Please note that the Loan Agreement issued is an 'in principle' decision with NO implication that the loan is guaranteed. All loans are subject to manual documentary verification and an affordability assessment.

If there is anything that you do not understand or would like explained, please check out our FAQ page for answers to most specific questions. You can also contact us directly to discuss your options.

Unlike other lenders who demand a full repayment in one large lump sum on your next payday, we offer a monthly repayment schedule as a feature of our loans. By paying in smaller monthly instalments rather than one lump sum, we hope to lessen your monthly burden and make it easier for you to repay the loan without any complications.

You will be asked to confirm whether you wish to repay on the one-off or monthly payment option when applying for the loan; however, you can contact us to change your repayment option at least 5 working days prior to the end of the month. Our minimum loan duration is 10 days. Whilst you will be able to pay in full at any time, it is important to remember that if you do pay off your loan within the first 10 days you will be charged interest for 10 days. This does not affect your right to withdraw.

One-off Payment

You want to repay your loan in full on your next payday:
If, for example, you want a £300.00 loan, Forces Loans will transfer the £300.00 into your account that same day (09:00am - 16:30pm, Monday to Friday).
Interest will accrue at a rate of 0.8% per day of the capital balance outstanding (£300.00). Your account will be debited for the full amount borrowed + accrued interest on your next payday and the loan will be closed. See costs page.

You will always be shown the full repayment amount when you apply for a loan.

Monthly Repayments

You want to repay your loan in smaller monthly instalments:
If, for example, you want a £300.00 loan, Forces Loans will transfer the £300.00 into your account that same day (09:00am - 16:30pm, Monday to Friday).
Your account will be debited once per pay period for the duration you have selected. Each payment will consist of an equal capital repayment (e.g. £100.00 per period if over 3 pay periods, £150.00 per period if over 2 pay periods) and the applicable interest for the previous month. Interest will accrue at a rate of 0.8% per day of the capital balance outstanding and will decrease as the outstanding capital balance decreases. You will always be shown the full repayment amount when you apply for a loan. See costs page.

Although the monthly repayment option offers a more affordable plan, it will result in a higher total cost so we will always encourage you to repay earlier for an increased saving on the interest.

To Summarise

You can either repay the Capital and Interest in full on your next payday or alternatively, choose to repay the loan via smaller monthly repayments over subsequent months. See costs section.

We expect you to repay us when you promise to. If you have any doubts over whether you'll be able to do that comfortably, please do not apply for a loan in the first place.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Here are some of the questions we get asked the most. Please see our FAQ page for the full list

  • How do I make an application?
    If, after having read through the information provided on our website, specifically the pre-contract document, you decide you would like to apply for a loan, you will need to complete the application form on our website.
    If you are unsure how to proceed or are unable to complete the form, please contact the office on 0330 700 9999 or 0800 619 2274 and we will go through the application process with you.
  • How long after applying do I receive the money?
    After submitting your application form, we will send you an emailed response within minutes. You will need to sign the forms and return them to us. Upon receipt of your signed Loan Agreement and other requested information (which will be subject to our affordability and creditworthiness assessment), the funds will be paid into your account that same day. Your signed documents must be received by 16:30pm, Monday to Friday, in order to be processed that day. Applications received after 16:30pm or over the weekend will be processed the following working day.

    Please note that the Loan Agreement issued is an 'in principle' decision with NO implication that the loan is guaranteed. All loans are subject to manual documentary verification and an affordability assessment.
  • When is my loan due for repayment?
    All loans are due for repayment on your pay day - the last working day of the month. You can either repay the Capital and Interest in full on your next payday or alternatively, choose to repay the loan via smaller monthly repayments over subsequent pay periods.

    Our minimum loan duration is 10 days.
  • What happens if I do not repay on the due date?
    The vast majority of our customers repay on time with no complications. We hope that it never comes to this, but here is an explanation of what could happen if you fail to repay your loan on the due date.

    If our collection attempt is declined by your bank due to insufficient funds or a failure by you to inform us of a change in bank details, we will do our best to contact you throughout the day by way of telephone and email. We always hope to resolve the situation that day, but if we have been unable to contact you to collect payment or come to an alternate arrangement by 17:00pm on the due date, you will incur a £15.00 missed payment fee towards the cost of a failed collection.
    We will make further attempts to contact you to discuss the situation over the next days and weeks. We will always do our best to come to an arrangement with you and help you resolve things, but can only do so if you contact us. Ignoring our messages will not make the debt go away. In the event that a payment is missed, we have the right to charge interest as long as any part of the loan remains outstanding, at a rate no higher than the rate applicable under the agreement. Whilst we do not believe in multiple charges, interest will continue to accrue on your balance at a rate of 0.8% per day (80p per day per £100.00 capital open) from the due date until either payment is received or for a maximum of 60 days if payment is not received or if we can't reach a fair agreement in the meantime. This rate will not be adjusted.

    Continued failure to repay your loan may result in your details being passed to a debt collections agency for further recovery action. This will not incur any additional charges, but your credit score may be affected. Legal proceedings may be instigated following continued failure to repay, making it more difficult and expensive for you to obtain credit in the future.

    Finally, our trust in you will be hit hard and we probably will not be able to lend to you again. Please do not apply for a loan if you think you might struggle to pay it back in full and on time. It's really not worth the potential consequences.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
  • Can I add additional funds?
    Under limited circumstances, we do from time to time offer the facility to increase your loan with us. If a new loan is agreed, we will send you a new Loan Agreement and upon receipt, the additional funds will be added to your existing open balance.

    A new loan will not be agreed if your current open loan was taken the previous month. We do not offer consecutive monthly loans.
  • What is CPA?
    When you take a loan, you agree to repay the balance due by Direct Debit from your bank account where a valid mandate applies. In the alternative, you agree to pay us by Debit Card and permit us to take money from your account using the Debit Card details provided for this purpose. This is referred to as Continuous Payment Authority (CPA). We will confirm to you the repayment date/s and amount/s over the phone and by email when you take the loan.

    Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a borrower's nominated bank account using Debit Card details provided, subject to specifically agreed terms which are fully disclosed and agreed through the loan application process. Once agreed by a customer, a CPA allows a business to take a series of agreed payments using a customer's Debit Card details without having to seek express authorisation for every payment. CPAs can provide an efficient and convenient payment method for customers.

    Customers can cancel their CPA with their bank, card provider or with us directly. Customers advising the bank or card issuer that they have stopped permission for the payments must also notify us. If you cancel your CPA authority for the repayment of your loan with us, you will still be responsible for paying any money that you owe, including interest and any charges which may accrue. An alternative means of repayment must be arranged before cancelling your CPA, such as direct payment into our account. To cancel your CPA with us, you must email accounts@forcesloans.co.uk quoting your contract number and the words 'cancel Continuous Payment Authority' in the subject heading.

    We will use CPA to collect payment from your Debit Card under the following circumstances:

    1. New loan taken too late in the month for a Direct Bank Debit to be set up in time for repayment date. In this case, we will collect payment from your Debit Card under the CPA at the following times on the due date:
    I. 02:30-05:00 – full scheduled amount as agreed when loan taken.
    II. 09:00-12:00 – should the first debit fail, we will attempt to collect the interest amount only.

    2. Direct Bank Debit cancelled during the month. In this case, we will collect payment from your Debit Card under the CPA at the following times on the due date:
    I. 02:30-05:00 – full scheduled amount as agreed when loan taken.
    II. 09:00-12:00 – should the first debit fail, we will attempt to collect the interest amount only.

    3. Direct Bank Debit fails on the due date. Should your scheduled repayment fail on the agreed date, we will make every effort to contact you and find out why. If payment was due via Direct Bank Debit, we will attempt to collect the full scheduled amount from your Debit Card under the CPA agreement as soon as we find out on the following working day (i.e. day after repayment due):
    I. 10:00-13:00 – full scheduled amount as agreed when loan taken.
    II. 15:00-17:30 – should the first debit fail, we will attempt to collect the interest amount only.

    4. At any time with your implicit authorisation.

    We will contact you to come to an alternate arrangement if we were unable to collect the full scheduled amount or interest. It is in your best interest to discuss the situation with us as ignoring it will not make it go away. Any further attempts to collect from your account will only be made after you have given your express authorisation.

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