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In The Military? 4 Different Types Of Loans You Can Get

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If you were or are in the military, you can get different types of loans than the average person get. There are lenders that do only military loans for the people that service our country. Below are four options you have if you need money to help support you and your family.

Pay Day Loan

A Pay day loan is a short-term loan. The way this works is you bring them a check stub and they offer you a loan based on what you make. This type of loan will have to be paid back when you receive your next paycheck, which is why it is called a pay day loan.

The interest rates for these loans can be very high, however. Many pay day loan companies offer these loans to people in the military at a lower interest rate. How low this rate is depends on the establishment you get the loan from. Check with more than one (such as The Money Place) until you find the best deal that you can.

The military also offers a loan that is set up much like a pay day loan, but in most cases will be able to borrow more money. The interest may still be high, but not as high as most pay day loan establishments.

Emergency Loan

There are many military lenders that offer loans that are tailored to your needs. Even though the government offers money for this reason, they may not cover everything you need. In a case like this, an emergency loan can get you through. These loans are typically small with either a very low interest rate or no interest rate at all.

Convalescent Loan

This type of loan is usually interested free for a certain amount of months, and has a lower interest rate after that. These loans are available to people that have been injured while they were in the military.

Loans for Disaster Relief

If you and your family were in an area where a disaster happened, there are lenders that will offer you a disaster relief loan. This type of loan is usually interest free for a length of time, and then at a very low interest rate if you do not get it paid off within that time.

If you have been in the military and have found you are a little short on cash, these loans can help you until you can get back up on your feet again.