Hardship Fund

BAE Systems Employee Hardship Fund

We live in difficult financial times, and sudden, unexpected financial emergencies can throw us off track. BAE Systems and First Rate Credit Union are working together to help employees gain control of their finances through payroll savings, loans and, if all else fails, Hardship Fund grants.

The BAE Systems Employee Hardship Fund, in partnership with First Rate Credit Union, is designed to alleviate short-term financial hardship among BAE Systems employees in the UK and foster financial resilience.

Eligibility criteria include being a BAE Systems employee in the UK, facing immediate and specific hardship, and having previously failed a credit union lending assessment.

The fund is to address urgent and essential needs which can be resolved by a small grant.

It cannot be used to top-up income for regular items of expenditure.

Our aim is to provide short term support whilst encouraging employees into longer term financial resilience through

1. Building savings for the future through payroll savings with the credit union

2. Providing access to credit to fund the needs of life through payroll loans

3. Supporting staff in financial distress through small hardship grants

4. Encouraging people to get a better grip on their finances using the Money Helper tools

The application process begins with membership and loan applications. Grants are considered only after determining that a payroll loan is impossible.

It is not possible to make a direct application for a grant.

If you have questions, check out the FAQ to the right, or contact us

This fund exemplifies BAE Systems' commitment to employee welfare. It provides a vital safety net for employees facing unforeseen financial challenges, thus ensuring their stability and ability to continue contributing effectively in their roles.- Mike Barry, CEO, First Rate Credit Union

Money Helper

The First thing to do on your road to better financial health is to take control of your budget. Start on our Money Helper page for our budgeting guidance, debt advice finder and personalised money guidance tool

Money Helper

Start the Journey

If you need money now and are ready to start the journey to financial health through payroll savings and loans or a hardship grant.. start here

Start the Journey
How much can I apply for?

There's no fixed amount, but we expect to issue small grants for specific emergency needs. Evidence of need will be requested

How do I apply?

You must first apply for a payroll loan. Hardship grants will only be available to those who do not qualify for a repayable loan.

Do I have to pay it back?

No. If you receive a hardship grant it will not be repayable.

What can a grant pay for?

Grants are intended to cover urgent, unexpected needs which will severely impact an employee's life, work and family. A leaking roof? heating boiler breakdown left you without heating? Does the car need repair to get you to work? Unexpected travel expenses? Funeral costs? Any reasonable emergency needs.

What will you not pay for?

We can't fund non-urgent or non-essential routine expenditures, such as holidays, ordinary bills, gifts, gambling, debt repayments etc.

Is a grant guaranteed?

No. Grant funding is limited, and priority will be given to the most urgent cases in which the funds will be of the most positive impact on the employee.

Can I have more than one grant?

It's possible, but priority will always go to the applicant who has not previously received a grant.

What if I am already a credit union member?

Great! Just apply for a loan in the normal way. If we can't grant it, you'll receive a link to apply for a hardship grant.

I am not a member of the Credit Union

In order to be considered, you must first apply for membership and a payroll loan. If we can't grant a loan, you will receive a link to apply for a hardship grant.

I wasn't given a grant. Can I appeal the decision?

Grant decision-makers have the final say. There is no appeal mechanism.