Military Personal Loans
Financial institutions are very much aware of this that they dot the neighbourhood of known military bases to do business and entice personnel to avail of the various commercial packages that they have devised for them. Turned into instant economic genies, these institutions offer a bundle of a solution to every serviceman’s need, whether emergency in nature or just a perceived needs to tickle one’s imagination. Some of the more popular types of military personal loans are detailed below.
Military Payday Loans. Most military personnel caught in an emergency take this type of loan because it is easy and fast to avail of. However, the interest rate is high with the rollover rates often obscene. This type of loan is usually repaid after a month or is good only until the next payday. Most financial institutions offer this kind of service because the returns are high and processing costs are minimal. Besides, the loan amount ranges only from US $100 minimum to a top US$ 1,500.
Military Installment Loans. All members and retirees from the different branches of the US military and the Department of Defense can avail of a minimum loan of US$500 to a high of US$ 10,000. Instalment payments are manageable and easy on the pocket. Likewise, interest rates are much lower than credit card rates and those of banks and even against credit unions. Some service-oriented companies also open 24 hours a day to cater to members of the armed forces deployed overseas.
Military Help Loans. For personnel who need an immediate payout of cash, this type of credit involves a one time credit for US$ 500. This privilege is non-renewable (to avoid rollover interest) and payable in four monthly instalments. Loans of this type are preferred because total fees amount only to over US$ 6 per month.
Military Disaster Relief Loans. This loan is granted to families devastated by natural calamities or other disasters in their localities. It is for this type of emergency that military personnel urgently require large sums of money. This is a package designed to help members cope with the disaster and allow them to rise back on their feet. The loan is usually repaid in three instalments within a three-month period.
Military Home Leave Assistance Loans is offered to active military personnel deployed overseas to assist them in paying off various out of pocket expenses. A soft loan, so to speak, this loan will fund hotel accommodation, airfare and other related costs, especially when coming home from an overseas stint.
Military Bereavement Loans is intended for personnel in the midst of family emergencies. It is an interest-free loan with a loanable amount of up to US$ 1,000 that is payable in three months.
For whatever its worth, US military personnel are advised to seek assistance from loan consultants to obtain sound financial advice and determine which type of loan or financial option is favorable to their finances because as per military policy, to renege on one’s financial commitment would be a valid ground for a court-martial proceeding and eventual dismissal from service.