Loans for Military Personnel: Online and Offline Resources

Active military servicemen and women and veterans are eligible to take out loans for designed for military personnel to help them finance major purchases or simply cope with any financial difficulty. However, before you apply for any military loans, here are some of the most recognized military loan facilities and resources that you can take advantage of:

Veteran Affairs Loans

Veteran Affairs Loans are loans backed by the US government through the Department of Veteran Affairs. VA loans are exclusive to members of the US military, both for those active in the service and veterans. Typically, the loans secured by this agency are used by the beneficiaries to buy homes. The actual lenders of these loans are banks and other financial companies. The Veteran Affairs simply backs the loan to protect the lenders from losses in case the borrower defaults on the monthly payments. But because of the department's guarantee, VA loans are less risky, so they have lower interest rates and monthly amortization.

Also, as a courtesy to the many men and women who serve the country, many banks and other types of lenders are more flexible when it comes to military loans, such as the ones secured by the Veteran Affairs. VA loans are available online and offline.

Omni Military Loans

Omni has been granting military loans for decades and it has become a familiar fixture in many military bases not just in the US but in other parts of the world where American forces are present. The company has outlets close to military buildings located in the US and in Europe. A serviceman (or woman) who plans to take out an emergency loan can easily go to any loan office and fill up the application.  Or you can also choose to apply for loans via the Internet.

Omni is a private company, but it is one of the well-known loan resources within the military circle. Their loan packages are tailor-made to meet the needs of the men and women in uniform. Loans can go as high as $10,000 and you can usually get the proceeds in the same day.

Military Allotment Loans

Often, military servicemen and women need money for emergencies. Well, there are many loan resources for small emergency loans. Typically, members of the US military service turn to allotment loans whenever they need money on short notice. This type of loans can be very convenient for active military personnel, because payment is made via allotments, meaning the monthly payments are automatically deducted from the salary. Thus, a loan allotment beneficiary does not have to remember the monthly payments and it is one less thing to fuss about in a busy soldier's life. The amount of money that will be deducted as payment depends on the individual's pay grade.  Military allotment loans can be availed online or offline.


Need Cash Now? Get a Cash Advance