Like all civilian citizens, those serving in the country’s military need access to funds through loans to buy homes, cars and other purchases and to help them get through times of financial difficulty. For this reason, lenders do have specific military loans available the men and women of the Armed Forces and their families. Military loans are no different than any other loans when it comes to the application process. You have to submit a loan application and most lenders will check your credit history to determine how much money you are able to borrow. There are a variety of loans to military personnel available from various lenders, such as:
– Loans with no credit check
– Military payday loans
– Debt consolidation loans
– Mortgage loans
– Home equity loans or line of credit
– Loans for vehicles
It is important that you know which type of loan you are looking for and then search for a lender that can offer you the best rates and repayment terms.
For short term financial help, there are military payday loans available. This type of loan is for a short period of time, usually until the next payday, in amounts ranging from $100 to $1000. The amount for which you will qualify depends on the amount of money you take home each pay period. You are never permitted to borrow more than the amount of your pay. You also have the option of being able to repay the amount you borrow over a period of a few months if that suits your financial circumstances better than paying it all off in one lump sum. This is a great option for a person that has a less than perfect credit rating, but it does carry a payment fee. Unlike the normal payday loans available to the general working population, military payday loans have a lot rate of interest, which means it won’t cost you a lot of money in finance charges to borrow in this manner.
There is also a variety of military personal loans available for the men and women serving the country. These include:
– Disaster relief funds to help families living in areas that have been devastated by hurricanes, floods or other such events. The amount of money available in such a loan is usually limited to $1000.
– Bereavement Loans are granted to military families who have lost a loved one. These loans have a 90-day interest free period to help the families get through an emergency.
– Career Service Loans to military personnel, in the amount of $5000, are available for those wishing to enlist and for those making the Armed Forces their career.
– Military loans in the amount of $5000 are available for those serving in a position of leadership and have competitive interest rates.
– Military personnel can apply for a personal loan for whatever reason, such as to take a holiday, and still enjoy a low interest rate in their monthly payments.
When you serve in the military, you do not have to be in the country in order to apply for any of the military loans available. You can apply online or have the application sent to you in whatever part of the world you are serving. You can also choose your repayment terms from most lenders and get the schedule that best suits your individual circumstances. If you need money right away, you can apply for a fast cash loan and have the funds within a very short time frame.
The easy repayment terms and low interest rates on military loans is one of the ways in which the lenders of the country are able to thank the military personnel for their service.