Military families face many financial challenges that non-military families don’t. For military families, having access to military loans can be a life-saver in many different situations. Military loans help these families stay afloat at times and at others, lend a boost to help them succeed. Many online military loan lenders offer loans in varying amounts between $500.00 and $10,000. What’s more, many online lenders now offer the option of online applications and direct deposit of loans into checking or savings accounts, eliminating the processing and wait time of regular lenders.
MilitaryConnection.com is dedicated to helping military families obtain the loans they need and to make educated decisions regarding loan amounts, payment plans and more. The following is some basic information about loans for military families that is essential in making a smart loan decision.
What is the Interest on a Military Loan?
Just like the length of military loans, the interest depends on the type of loan given. Military loans are fairly easy to complete and do not require dense reading and intricate documentation, which makes understanding the technical aspects of the loan (i.e. interest rate, fees, etc.) simple. The good thing about military-specific loans is that they are capped at 24%, protecting both the lender and the family borrowing. It is always good practice to review the “Truth & Lending” disclosure agreement prior to accepting a loan from any institution as borrowing amounts and interest rates vary from lender to lender.
How Do Loan Payments Work?
Military loans, along with other kinds of personal loans, require monthly payments, just like credit cards. Much like the agreed upon interest rate of your loan, the monthly payment amount is imperative to fit within your budget. Accepting monthly payment rates greater than you can afford can cause great emotional stress as well as add unnecessary pressure to your daily life. Before agreeing on a monthly payment amount, check over your finances to make sure you can pay it comfortably.
How Long are Military Loan Terms?
The term for a military loan depends on the size of the loan and the amount payable by the family each installment. Generally, military loans for families and veterans range in the 6 to 36 month scale. Another factor that is included in the loan length is the military member’s Estimated Time in Service, or ETS. By analyzing each of these factors, a lender will form a loan package and present it to the inquiring military family.
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