At times when getting money in a fast manner is essential, those with bad credit often turn to personal loans designed for those with bad credit. Many types of such loans exist, which include special loans for military personnel. These special loans are designed for those who serve in the military and differ from traditional loans issued to citizens with bad credit due to the circumstances surrounding the borrower. Basically, lenders reward military members' job security and steady income with easy-to-qualify-for, unsecured loans.
Why the Military Is Special
There are many reasons why members of the military are special. The job that they perform each day is more risky than many of us can even dream. Along with that risk, however, comes gratitude and job security. Lenders offer loans to military members with poor credit as a reward for their sacrifice and as a testament to the guarantee of their income – military members can not be laid off, for example.
Lenders also understand that the particular stresses of military life can sometimes lead to bad credit and financial strain. Therefore, at times when a military member needs a quick unsecured loan, there are people ready and willing to help them out.
Active Duty Benefits
There are even special programs designed for military members who have taken out loans prior to being called to the military as an active duty member. The Soldiers' and Sailor's Relief Act provides this aid through a program which lowers the interest rates on loans up to 6 percentage points for military members who go onto active duty. The philosophy here is that the sacrifice that you make as an active member of the military shows the level of your character. Therefore, your past mistakes matter less and your current interest rates for loans can be lowered as a means to say thanks.
For loans taken through a private lender, that is those not funded by the government or the military itself, it is sometimes necessary to call and ask for the interest rate deduction. However, certified military lenders will often provide the reductions automatically from the first day of active service. You need to pay attention to the fine print on loan statements in order to check for this deal.
One of the primary reasons that lenders like extending loans to military members with poor credit is the ease of repayment. The special benefits enjoyed by the military ensure that your paycheck is guaranteed from a reliable source – none other than the government itself. There are also many programs that will aid you in repayment through automatic pay that is taken directly from your government paycheck. This eases the repayment process as there is no need to remember billing dates when you are overseas during deployment.
One of the final benefits of special loans for military members with bad credit has to do with receiving the loans in the first place. Online lenders who specialize in providing these loans to military personnel can help you out no matter where you are in the world with one, simple, streamlined process. Online applications are fast and easy and can be reached 24 hours a day, 7 days a week, allowing military members with poor credit access to personal loans with ease.
Source by Hilary Bowman