Just as military personnel are different as compared to civilians; military loans too are unique in terms of interest rate. Further, military loans do not require the borrower to offer any collateral. If you choose to prepay your loan, you can do so without any penalty.
It is not very difficult to qualify for the military loan. Just take a look at the requirements:
1. Designation of GS-6 or more in Defense Department
2. Retirement after at least 20 years service
3. On active duty or as a full time active personnel on reserve.
If you meet one of these requirements you qualify.
To make repayments easy, it is deducted from your pay check in fixed amounts. There is no scope for any charges due to delays. This is the most preferred form of repayment. You can simply obtain the loan and forget all about keeping track of repayment. No need to write monthly checks or worry about late fees. Your loan amount is determined by your income and credit status.
If you are a member of the Armed Forces on active duty, you have a steady income that shall always be deposited on time. Hence, lending money to you poses very little risk. This leads to very quick approval. There are numerous loan programs available for your short term as well as long term fund needs. You can apply online as well. This combines security with convenience. Your money will be approved and deposited very quickly.
If your family faces money problems when you are on duty, opt for these loans that charge reasonable interest to get rid of your problems.
Irrespective of whether you are a part of the Army, Naval Force, Marines, Air Force or Guard, you can avail these loans and enjoy fantastic benefits. You enjoy this privilege because you serve this country.