Loans for military personnel are available for anyone who is currently serving, or has served, in any branch of the United States military. The loans are set up to make it easy for you to apply and quickly access your funds in case of an emergency. While other people have to go through mountains of confusing paperwork to get even the smallest note approved, loans for military personnel have very basic, easy-to-understand guidelines.
Reason for loan: Use military loans for a quick influx of cash for those times when you run out of money before you run out of month. Pay your utility or grocery bills, or take care of emergency medical expenses. You can also get loans for larger amounts to handle a car payment or two or make some repairs on your home, pay for your wedding or honeymoon or buy a new truck. Or use it to pay off credit card debt or mortgages.
Loan amount: If you have enough collateral you can get a secured load for up to $75,000 to be paid back in 5 to 25 years. You also have the option of going with an unsecured loan for up to $25,000. The length of the note is much shorter and the interest rate is higher because it's not secured and you'll be required to pay it off within 1 to 10 years.
Bad credit: If you have bad credit, don't worry. You're not alone. Loans for military personnel with bad credit are not uncommon. You can still qualify for a loan. Whether your bad credit is because you have little or no credit history, or because you've just had some emergencies it's really not an issue. The lender will check your credit and you may just have to pay a higher interest rate, but you will not be denied simply because your credit's bad.
Where to apply: Many banks and financial institutions can help you secure this type of loan. On the downside, you'll have to make an appointment which may mean waiting a few days. And don't even think about trying to contact someone on the weekend. But you can get even faster answers - and even faster access - by applying at an online website. In some cases, you can have the cash in your hand in just a few hours.
You should feel proud that your served in one of the branches of the United States Military and the American people are grateful for your service. But it can cause some severe financial hardship for you and your family. You shouldn't have to suffer and sacrifice after all you've done for your country. If you're having financial difficulty then think of the loans for military personnel like a personal safety net.
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