Without a doubt, they deserve special treatment. If they are in need of immediate cash, it is only fair that banks and lenders will give them financial products that will help them meet a financial need.
Before you apply for a personal loan, it is important that you understand how to go about it so you can make the right decision when it comes to borrowing money. Start by empowering yourself. This can be done by understanding your rights as a veteran of the country. There are financial institutions that give honor to men and women in uniform through special rates and discounts. The value will vary – depending on what bank you will go to for help. But to avail of these, you need to know the different options that you have.
It is also important to familiarize yourself with your credit rating. The general rule is, if you have a high credit score, you are entitled to get the best terms on your personal loan (e.g. low-interest rate).
You should also be careful about choosing the right financial institution that you will borrow from. Most of the time, veterans are targetted by scammers. They get your data without really giving you the loan. Or, they will charge you with high-interest rates and provide really bad customer service.
This is why it is important for you to conduct proper due diligence when choosing the right lender to borrow a personal loan from. Do not be blinded by offers that are too good to be true. Most of the time, they may not be legit after all.
To aid you in your search for the best financial institutions offering personal loans to veterans, here are 6 options that you can choose from.
This is a peer-to-peer online lending company where your loan will be financed by the community (investors). Personal loans from Lending Club have a low-interest rate at 5.99%. The loan you can borrow can be as low as $1,000 or as high as $40,000.
This lending company will allow you to apply for a loan personally or online. You can avail of a loan as low as $500 and up to $10,000. The interest rate is quite high – this is probably why their website is not advertising it. But it is believed to be 10% and higher. In case you are strapped for cash but you have a low credit score, this is one of the options that you can go to. Just make sure you have a solid plan to pay it off immediately to avoid the devastating effects of the high-interest rates.
This company practically has the same reputation as Omni. They both have high-interest rates that begin at 10%. They also offer loans as low as $1,000 and up to $10,000. The application can be done over the phone or through their online website. This is another option for veterans with a low credit score but is in need of a personal loan.
This is one of the leading organizations that offer financial products and services for the men in uniform and their families. Personal loans can be borrowed with an interest rate of 8.99%. The amount can be between $3,000 to $20,000. An excellent credit is necessary to be able to borrow from USAA.
This company is mostly known for their low-interest auto loans and mortgages but they also offer personal loans. The interest starts at 10.49% until 18%. The rate will depend on your credit rating and the terms that you will opt for. The longer the repayment plan, the higher the interest. You can borrow as much as $50,000.
This financial institution allows you to borrow up to $500,000. The interest rate is the lowest compared to the other banks because it can go as low as 2.25%. The Patriot Express is a program created in partnership with other banks to help veterans set up their business – but it can also be used as a personal loan if you can qualify.