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Our hard-working military families are subject to the same financial concerns as the rest of us. With the economy in a horrid state, there are many families who find it hard to fund major purchases with their basic monthly income. There are special loans available just for those in the military and their spouses that are written at great rates for those who serve our country.
All Branches Of The Military Qualify
A military loan is a loan that is available to soldiers and their spouses in all branches of the military - including the Army, Navy, Air Force, Marines, National Guard, Army Reserve, and Coast Guard. Military loans are also available for those who have retired from the service, or have been honorably discharged from either military branch. The surviving spouse of a deceased member of the military also qualifies for a military loan, provided that they have not remarried.
Secured And Unsecured Loan Choices
Most commonly, military loans are written out as personal loans, and can be either secured or unsecured. A secured military loan requires that the borrower pledge collateral, typically in the form of a home or automobile, that guarantees the lender that you will repay the loan. The lender will place a lien against the property that you present as collateral until the loan is paid in full.
The unsecured military loan relies simply on your honor and integrity to pay the lender - and therefore is seen as a greater risk to your lender or lending institution. Because of this, most unsecured military loans carry a higher rate of interest than their secured counterparts.
Money For Any Purpose
You can use your military loan for any purpose. Most military loans are used for purchasing vehicles, furniture, appliances, or doing home improvements. Other uses might be for education for yourself, your spouse, or child; additionally, many borrowers take out military loans to pay for travel or special events such as a wedding. Others may choose to pay off other debt with their military loan because of the typically lower interest rate that can be obtained on this type of loan.
You can borrow as little as $5,000 or as much as $25,000 when you take out a military loan. Most terms on military loans run from one year to as many as ten years. Remember that the longer you take to pay off your military loan, the more it will cost you in the long run in terms of interest charges. On the flip side, taking longer to pay off your military loan will make your payments smaller and easier to manage when you have other financial obligations and commitments to consider.
When applying for your military loan, be certain to borrow only the amount of money that you can reasonably afford to repay. To determine this figure, take into account your everyday expenses, including housing, utilities, food expenses, daycare, and other commitments as compared to the amount of income that you are bringing into the household. Never agree to pay more than you can afford.
Online lenders provide a great source when shopping for a military loan, due to an increased number of lenders who compete for your business on the Internet. In addition, you can apply for your military loan from the comfort of your home and have your money deposited into your checking or savings account in minutes.
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