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Personal Loans for Veterans and People in the Military

Loans for Veterans and People in the Military

Personal loans for veterans and active military staff provide cash to those serving in the Armed Forces. Loans for people in the military come from banks, private lenders, and government and network lenders. Simple keyword searches can find loans for veterans with good credit, bad credit, and no credit, as well as active-duty military. Although there isn’t always a special category for military loans, the loans for active-duty military people are governed by the Military Lending Act, which prohibits predatory lending practices. Many private companies extend similar courtesies to veterans.

Emergency Personal Loans for Veterans

Emergency personal loans for current and veteran members of the military offer distinct advantages. Veterans often have fewer financial resources in their communities than long-situated civilians, and quick personal loans can help veterans adjust to the new circumstances of civilian life. That might involve setting up a home, finding a job, and transforming military skills and experience into civilian professions.

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Personal loans for veterans can lessen the stress of adapting to civilian life. Transitioning out of military life creates distinct challenges. These challenges include:

  • Reconnecting with Family and Friends – It’s difficult for many veterans to reconnect with family and friends after years of service during which civilians have followed different paths.
  • Joining a Community – Joining or starting a community of people with similar goals helps veterans network with others in the civilian world. Unfortunately, recreation comes with its own expenses, such as club dues, hobby supplies, travel expenses, etc. Easy personal loans can help to cover these costs while veterans get back on their feet.
  • Entering the Civilian Workforce – The civilian workforce is different from many military jobs – even those involving the same skills. Civilian employees often need to network, collaborate with peers, and demonstrate social media savvy. The terminology for similar work processes varies considerably. Veterans often have trouble defining their military work experience and producing resumes that accurately define their skills and experience.
  • Taking Responsibility for Personal Living Expenses – In the military, the government provides the necessities of daily living. Everyday living expenses often come with sticker shock to people who are accustomed to receiving the basic necessities.
  • Balancing Work and Home Life – Many people retire from the military to spend more time with their families or to start one. However, many jobs require a lot of extra time for team-building, company cultural activities, and other demands of the employee’s time. Balancing work and home life can be just as difficult in civilian life as it was in the military.

Personal loans for veterans and people in the military can help families achieve a better home and work balance by giving them resources for vacations, entertainment, and family time.

Loans for Active Duty Military People

Studies show that financial stress affects 62 percent of military families. Deployments often generate unexpected expenses, and childcare ranks as one of the biggest outside expenses that are not covered by standard military allotments. Fortunately, people on active duty in the military may be approved for unsecured personal loans by private lenders.

The Military Lending Act

The Military Lending Act, which was passed in 2006, prevents lenders from taking unfair advantage of active duty military and the dependents thereof. The legislation sets limits on military loan interest rates and prohibits predatory lending practices. According to the law, lenders are not allowed to:

  • Charge higher interest rates than 36 percent APR
  • Fail to reveal information required by the Truth in Lending Act
  • Incorporate hidden fees and terms that might prove unfavorable to the borrower

Disabled Veteran Personal Loans

Disabled veterans often use personal loans for medical expenses despite government health programs. These programs are often crowded and require long commutes. Many experimental and discretionary treatments aren’t covered. Loans for disabled veterans and military people can be approved quickly. Private lenders can be more responsive than banks, government insurance, and large lenders. Even bad credit won’t necessarily disqualify veteran loan applicants. The interest rate might be higher than banks charge, but it’s often worth the price to get money quickly for medical relief.

Personal Loans for Disabled Veterans with Bad Credit

Personal loans for disabled veterans include those with bad credit. Fortunately, there are many options for disabled veterans who may have bad credit for different reasons, such as post-traumatic stress, a result of their disabilities, and problems adjusting to civilian life. Finding a job – even in a bustling economy – is difficult for disabled veterans who experience some of the highest unemployment rates in the United States.

The options for veteran loans include banks, private lenders, community-based lenders, government programs, military-focused banks and credit unions, VA home loans, and lending networks. These include the Navy Federal Credit Union and the Pentagon Federal Credit Union. The USAA offers membership to active and former members of the military.

Personal Loans for Veterans with Bad Credit

Some veterans have difficulties adjusting to civilian life, and they sometimes end up with bad or poor credit. Veterans can have poor credit just because they have no credit history. Unsecured personal loans can help veterans begin building their credit profiles without costing them extremely high-interest rates, which often happens to civilians with bad credit.

Other Forms of Help for Veterans and Military People

Loans have to be repaid, so it’s important for veterans and active-duty military to exhaust the other options for financial aid before going into debt. Payday alternative loans are an excellent option for active-duty military people who need immediate cash on a short-term basis.

Community-based organizations offer grants and financial assistance to veterans. Some of these organizations include the Coalition to Salute America’s Heroes, Veterans of Foreign Wars, Homeowners Assistance Program, Nonprofit Credit Counseling, American Legion, Disabled American Vets, MilitaryOneSource, and thousands of private organizations. The important consideration for military people is to use the available resources to prevent debts from getting out of hand.

There’s no need to be embarrassed by debt. It’s a common problem. However, through technology, debt counseling, and temporary loans, veterans can do the tough work to stick to a budget and manage their finances.

The Job Market and Military Personal Loans

Some active-duty military personnel need small personal loans to pay bills. Others can use the money to help them in their job search after retiring from active service. Personal loans can help veterans develop a resume, learn new skills, and support their families during the transition.

Learning to compete in the civilian workforce takes a different set of skills than advancing in the military, and personal loans can give veterans something to fall back on if the process takes some time.

Building a balanced civilian life takes planning, and a well-planned borrowing strategy can make help with a successful transition. Many private lenders offer reasonable personal loans. Good jobs are available for disciplined veterans. Many companies hire veterans exclusively, and a cash reserve can help military people compete for the best opportunities.

Those who are actively serving in the military are providing a valuable service to the United States and deserve the benefit of financial support. Whether a veteran plans to work, go to school, or resume an interrupted career, it takes planning and resources. Easy personal loans for military people can provide the necessary edge in a competitive civilian workplace. 

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