Guaranteed Loans for Military

It is widely recognized that military personnel should be given special consideration. They are risking their lives so that the rest of the country could live in peace. This makes them very worthy of getting a special treatment especially when it comes to financial matters.

Military Personnel in Financial Trouble

We have heard a lot of stories about service members getting into financial trouble especially while they are serving overseas. There are stories of veterans coming back only to lose their house and not find any work. Those are all sad stories because if anyone deserves a royal treatment, it would have to be the veterans. That is why it is only fitting that they should be given a chance and be eligible for their own financial product especially suited for their needs.

Payday Lending for Military Personnel

In the past, legitimate lenders targeted military personnel. Their offices could be found outside of camps and military bases. But the government enacted a law since then which prohibited payday lending to military personnel to a large extent. This is a way to prevent the abuse of men and women in uniform. Similarly to payday loans available to civilians, loans offered to military personnel had very high interest rates. Those rates could cause a financial ruin.

Guaranteed Loans for Military

The good news is that there are loans that are available to military personnel which civilians cannot use. A VA backed loan for example is available for use by veterans and their families. The VA guarantees and protects the rights of military veterans and their families ensuring the loans given by private lenders. These loans are used for house purchase, but there are other uses allowed as well.

  • The amount borrowed can be used to build a new house.
  • It can be used for rebuilding or remodeling.
  • It can be used for installing a heating or an air conditioning unit.
  • The purchase and improving of a lot is also possible.

There are other uses for VA guaranteed loans but those are the best warranting enough attention.

Further Assistance to Veterans

Aside from guaranteed loans for military, the VA also makes sure that veterans will not be taken advantage of by the lenders. They can control any lender that has been proven to discriminate against a veteran for illegitimate reasons. Lenders are only allowed to charge fees that are within the boundaries as set by the VA. Lenders are also encouraged to allow some room for veterans who might be unable to make payments when faced with financial hardship.

Other Financial Options for Military Personnel

There are financial alternatives that can be used by veterans and other military personnel. You can use those instead of going for cash advance loans for military which can lead to a complete financial ruin.

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