Whether you are active duty military, retired or simply the brave spouse of someone who serves, there are special loans that are designed to help you through hard financial times. These loans, generally called military loans, are given to members of the armed forces and their spouses with lower interest rates than most other loans advertised today. The best part is that the length of time that you are in the military has no effect on your eligibility to receive these special loans and many trustworthy online lenders offer them every day.
The internet is a wonderful resource for finding any sort of loan, but especially a military loan. The many internet-based lenders that you can find offer a variety of options to military members and their families. The military loans offered by these companies are used for everything from purchasing a home or automobile, to debt consolidation and home improvement. One of the best aspects of using online lenders who specialize in military loans is the benefit you get from their experience working with the military and helping them in their financial time of need.
Savings Are Guaranteed
Military loans are so helpful because they come with a low interest rate. In order for a lender to offer a military loan, he needs to keep the loan's interest at or below a level set by the federal government. This interest rate is often much lower than one that you would be able to acquire from a private loan.
This special low interest rate is what makes military loans so attractive. They are a great resource for debt consolidation for this reason. If you find that you are having a hard time balancing the payments on several credit cards with high interest rates, consider using a low interest military loan to consolidate that debt. This will make it easier to pay there is only one bill and get you on the path to being debt-free faster than ever.
Consider this, there are many credit cards out there today that offer attractive low initial interest rates. Then, once you get accustomed to using the card, the introductory interest rate expires and you are left paying upwards of 20% interest on your debt. Using a military loan can help you manage the interest charges and make paying off your debt easier.
The Application Process It's So Easy!
Since many of the lenders who offer low interest military loans are located online, the process you go through to secure your loan is simple. Generally, you will visit the website of the military lender you have chosen and be asked to provide some basic information, such as:
Proof of military service and rank
Social Security Number
History of Employment (both military and civilian)
Personal and Business References
This information will have to be submitted through either email (and scanned) or it can be faxed to the lender. Once all the documents have been reviewed and your references checked, you will be issued your loan. Generally, internet lenders can arrange to have the amount of your loan deposited directly into your personal bank account within 24 hours of your approval.