10 Aug Places Where You Can Qualify for Military Personal Loans
Whether it is a major home renovation or paying your school fees, you might have an urgent need for cash from time to time. For people who have served in the armed forces, getting a military personal loan is quite easy.
DOES THE VA PROVIDE PERSONAL LOANS?
While the US Department of Veterans Affairs (VA) offers various military benefits, it certainly does not provide military personal loans.
The VA provides mortgages with no downpayment requirements and exceptionally lower interest rates; if you are looking for personal loans, you might not be at the right place.
However, VA’s cash-out refinancing loan can help you get your hands on some instant cash. This refinancing loan allows you to convert your non-VA loan into a VA loan and tap into your home’s equity to get rid of any unnecessary expenses.
PLACES WHERE YOU CAN QUALIFY FOR MILITARY PERSONAL LOANS
While the VA does not provide personal loans, here are four places that do-
A military member, Veteran, spouse and dependant can be a member of the USAA and qualify for military personal loans of up to $25,000.
You can also qualify for smaller amounts like $2500, and the amount is disbursed the next day after loan approval.
Navy Federal Credit Union
Unlike traditional banks, credit unions have lenient regulations, easier eligibility criteria and lower interest rates for military personal loans.
This facility is available to Veterans, active-duty members, DOD civilian employees and family members. You can qualify for a loan amount of up to $50,000 and opt for longer loan terms.
With a quick and easy application procedure, LendingClub is a peer-to-peer investors pool that provides military personal loans to people with a bad credit score. The minimum credit score requirement is 600 and offers a loan amount up to $40,000.