More about Loans for Veterans
Without the sacrifices made by the courageous and selfless men and women serving in the military, the US would not have achieved all the admirable progress. Normally, transitioning from military life to civilian lifestyle has its challenges especially when you consider all its benefits. At times, financial difficulties arise. If you ever find yourself in a similar situation, RealisticLoans.com can help you get veterans loans.
Applying does NOT affect
your FICO® credit score!
Effect of the MLA Act?
The Military Lending Act is popular for one thing-it restricts lenders from charging military members and their family any interest rates above 36%. When this happened back in 2007, the credit service providers were not amused by the move. Instead of creating personal loan products with low-interest rates, the lenders simply avoided offering short-term loans to the officers. This happened because these loans are usually high risk and the imposed interest rates couldn’t cover the risk.
However, this Act only covers those on active duty but it doesn’t restrict the financial providers from offering emergency loans for veterans with a bad credit scores. This is good news for veterans who are faced with a financial emergency but have no cash at hand. All it takes is a few clicks of a mouse and the deal is done.
The loans available for retired military personnel are in many aspects similar to normal payday loans available for civilians. The only difference is that you need to prove that you a former officer in the army.
Eligibility for Disabled Veteran Personal Loans
If you previously served in the United States military, you are likely to qualify for some loans for disabled veterans with a bad credit score. However, note that your duration of service will influence your qualifications. Some lenders will also ask you to disclose your branch of service. Here are some basic requirements.
- Proof of income which can be SSI, pensions, investments income or employment
- The overall length of service
- Your official identification details
- Credit score depending on the preferred loan
The Pros and Cons of Veteran Loans
The lack of money shouldn’t stop you from continuing with your plans. Loans for retired army personnel can help you live life normally. Besides, there are many benefits associated with the funds. Nevertheless, there are also downsides that come with loans.
|Easy online application
Instantaneous lending decision
You get the funds in one business day
|High APR rates
Not all lenders report to the credit bureau
Careless borrowers may be exposed to predatory lenders
What Every Veteran Should Consider When Looking For a Personal Loan
If you are certain that taking personal veteran loans is the right move, you need to look at several factors in order to get the best value out of the deal. There are different credit providers who are more than willing to work with you but you must choose carefully.
The first thing to consider with cash loans for disabled veterans is the available loan amount, repayment period as well as the associated interest rates. The amount you are allowed to borrow must be enough for your needs. Some providers may offer you different payment periods and it’s for you to decide what you want. Nevertheless, you must realize that shorter terms come with lower interest rates and higher periodic payments. On the other hand, you will pay lower monthly payments if you choose a longer-term but you will also end up paying higher interest rates.
In addition, the exact interest rate may also be determined by the personal loan you want to take. Some will come with variable interests while others have fixed interests.
Loan fees can determine your overall experience with a certain lender. It’s your duty to get acquitted of all the charges and fees that your creditor is charging. Besides the origination fees, some institutions will penalize you for early payments as well as late payments. The more the loan fees, the higher the chances of the personal loan becoming over-expensive.
Alternative Financial Assistance for Military Members
Veterans have a special place in this country and they are entitled to some special financing options. Therefore, if you are a veteran looking for short-term payday loans for veterans it’s likely that there could be some more options for getting the cash you want. The good thing is that you may be eligible to receive a grant that you won’t be paying back.
The Coalition to Salute America’s Heroes is a non-profit organization that is serious about offering assistance to veterans who need money for taking care of the mortgage and car payments, utility bills, as well as medical bills. To benefit from the grants, you have to meet the requirements. Similarly, Veteran Affairs offers housing grants, disability compensation, and education assistance.
Rebuild Hope is another impressive non-profit firm that specializes in availing financial counseling and emergency grants. If you are eligible for this program, you may get a grant ranging from $1500 to $2000. If you have just returned home from the overseas military operation, you could be eligible to receive an emergency grant to cater for expenses.
Applying does NOT affect
your FICO® credit score!