A bad credit history can put you in a tough spot especially when you are desperately in need of some money. Most lenders will refuse to lend you any money because your credit is bad but if you were or are a service member the military can come to your rescue. The military version of bad credit loans is offered to service personnel as well as their family members despite their bad credit.
Active Duty Relief
The special program dubbed the Soldiers and Sailors Relief Act allows to offer the military personnel low interest rates loans. The interest rates are lower than those the civilians get if they have bad credit. People who qualify for this can enjoy up to a 6% off on their current interest rates on all types of personal loans. Many of these benefits can be procured via major lenders but also people who have previously used private services are also in a position to send a request to lower their interest rate and in many cases the company is required to fully comply with the request.
The American government offers great benefits for active sailors, soldiers, marines and airmen but it is important that you educate yourself about these benefits. The best way to kick off the process is to do a simple online search for military loans for people with bad credit. Take a look at the FAQ’s page which should address most of your concerns relating to interest rates, regardless of what a person’s credit history may be.
One of the best and most unique things about loans offered by the military to its members is the repayment structure. Unlike other conventional loans which require that you write out a check or make a scheduled electronic payment every month, military loans are set up so that they deduct the money directly from your paycheck every week. This is termed as allotment payment by the military and offers the borrower as well as the lender a great advantage.
As a member of the American military the lender understands that you do not have typical timings of 9 to 5 like most civilians. This is why many lenders allow service people to apply for and also receive bad credit loans online from the comfort of their own computer regardless of where in the world they may be. This is a simple way to get these loans and reduces the amount of paperwork required.