Military personal loans

The United States military is a huge organization and this makes military personnel a sizeable market for products and services relevant to their needs and lifestyle. Financial institutions are very much aware of this, that they dot the neighborhood of known military bases to do business and entice personnel to avail of the various financial packages that they have devised for them. Turned into instant financial genies, these institutions offer a bundle of solution to every serviceman’s need, whether emergency in nature or just a perceived need 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 $100 minimum to a high US$ 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. Installment 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 even open 24 hours a day to cater to servicemen 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 installments. 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 installments 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, air fare and other related expenses, 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.