Many Lenders Offering Military Loans
Many folks have taken dings on their credit reports, service members, veterans and civilians alike. Despite having bad credit, folks still need an infusion of cash once in a while. Traditional lenders such as banks and credit unions tend not to grant personal loans, such as military loans for those with bad credit, but many private lenders have stepped in to fill the gap for service members, their families and veterans.
Determining Eligibility
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Active duty service members are eligible for these loans. Depending on how the loan is arranged, these loans are also available to family members of service members and veterans. In some instances a power of attorney may be needed for the family member. Veterans, regardless of time in service or how long ago they have served, are also eligible for military loans for those with bad credit.
Proper identification and documentation regarding military duty will be required. For active duty personnel this could be proven with a valid military identification card and a Leave and Earnings Statement (LES). Veterans may be asked for a veteran identification card or a DD-214 and pay stubs. Proof of residency may be required. Utility bills or active duty orders should suffice. Bank account documentation may be required as well. Lenders prefer direct-deposit checking for transfer of funds.
Getting Started
Before you go shopping for a military loan for those with bad credit, you need to do some reconnoitering. How much do money you really need? Do you have a budget? How much more can you afford to spend every month to meet another bill payment after all your other obligations are filled? Some bases offer financial counseling to their service members and even have loan officers available for certain types of loans. You may choose to go that route.
Though they will not be a prime consideration in granting your military loan for those with bad credit, it would be a good idea to pull your credit reports to see exactly where you stand. Credit scores can play a factor in determining your interest rates. Also, scrutinizing your reports will let you find any errors - they are not uncommon. You may not be as bad off as you thought.
Shopping Around
Since traditional lenders are not usually providing such loans, private lenders have entered the market and the competition for military loans for those with bad credit is very active. As a result, lenders are offering interest rates and repayment terms that vary widely and it is wise to shop around to find the best deal. Even if you have applied on base, go ahead and see what you can find online.
Point your browser to Military Loans and you will be surprised at the number of lenders you will find that may be willing to give you a military loan for those with bad credit. Find the best four or five and check them with the online Better Business Bureau listings. There you will find a grade for each lender, as well as customer feedback. Be sure that any web page you use to divulge personal or financial information is secure.
What to Expect
Understand that you will be paying higher interest rates since you do have bad credit. That is why it is important to shop around for your military loan for those with bad credit. Interest rates could be as high as 20%. There may be a cap on the amount of the loan granted; they usually range from $100 to $1500. If you have collateral, real estate, stocks and bonds, even a late model car, you will be able to get more. You interest rates will also be lower. Your repayment terms will be more comfortable. Just be aware that the lender can take the property and sell it to cover the cost of the loan should you default.
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