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Military Loans Offer Hard to Beat Advantages to Borrowers

January 10, 2012 | Comments: 0 | Views: 134

Unlike so many civilian loan options, the military loans available to members of the armed forces come with a range of benefits designed to alleviate the financial pressures borrowers find themselves under. It is perhaps just, given the commitment they have given in serving their country. Given that everyone - military personal included - are feeling the economic pinch, it is not before time.

The economic climate is rather frosty, but thanks to personal loans for military personnel, the families of service men and women can be properly looked after, even when they are deployed overseas. The benefits that come with such loans range from lower interest rates to the removal of collateral as prerequisite.

Compared to traditional civilian loan packages, getting loans available through the military makes a lot of sense, especially when bad credit a factor. But of course, there are criteria that must be met, not just to ensure that repayments can be made with comfort, but also to make it impossible for just anyone to get such loans.

Criteria Required

The criteria that any applicant for military loans must meet is not simply to do with income and employment. This is because the applicants who qualify for these loans are employed by the Government, a fact that effectively guarantees a steady income. The only issue is how much that income is, and whether it is sufficient to cover the repayments.

However, it is vital that applicants for personal loans for military personnel prove that they are (or were) a member of the US military, which generally means producing identification or documentation detailing a rank. It is also necessary to provide a permanent address, as well as a deployment address.

For applicants with families living in one place, this is logical but in the case of an applicant who is still unmarried, a family member may be used. Just like any kind of financing, loans available through the military can only be granted when a permanent address is provided.

Advantages of the Loan

There are several advantages to military loans that can make a real difference to military personnel. Not least is the fact that interest rates are lower.

This might seem a little unfair to civilians, but the fact is that with the US government as the employer, the risks associated with income and job security do not exist. The result is that the level of confidence amongst lenders is much higher, so personal loans for military personnel can be offered with lower rates.

Another advantage is that collateral is rarely ever required. This also relates to the fact that income and employment are basically assured, so there is no need for an item of collateral for lenders to claim in compensation.

Of course, those seeking loans available through the military can also find themselves continually redeployed. The result is no home, no car and no real possessions of great worth are gathered.

A third advantage is that penalties for late payments are generally not applied, again because of the special category that the applicants for military loans find themselves in.

A fourth advantage, meanwhile, is that the whole application process is much easier. Online lenders are generally recognized as superior in the terms that they offer borrowers, and this is equally true for personal loans for military personnel.

A quick online search will result in a shortlist of potential lenders, though loans available through the military certified lenders are also highly competitive. The advantages of military loans can be enhanced by finding the right lender with the best loan package.

Hilary Bowman is the author of this article. She works successfully as a financial advisor with years of expertise on Military Loans for Bad Credit. Hilary publishes informative articles about Bad Credit Loans and other financial topics at FastGuaranteedLoans.com

Source: EzineArticles
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