We all know that one of the primary elements that lenders look at when they are assessing a loan is a person's credit. Based on both the scores they receive from the three major credit reporting bureaus as well as credit references, having a tarnished record or no record at all can cost you the loan that you need. When this happens, the best and only choice is to look for a bad credit loan.
For military members, there are specific loans that are available to help you with your poor credit which are not available to civilians. It is important to educate yourself as to the nature of these loans to know whether or not you can receive a bad credit military loan.
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Who Qualifies for Bad Credit Military Loans?
Though several types of military loans are available, there are two major types that fall under the heading of bad credit loans. The first is for those who have little credit history at all. Generally, these are those members of the military who enlisted right out of high school and had little need for anything other than what the military provides in terms of housing, food and other luxuries. If you were young and single and lived within your means, your military service gave you the guaranteed paycheck and security to never need a credit card or loan. While this is good since you will not have other loan payments to make, this lack of credit history can cause a worry to lenders.
The second type of military bad credit loan is for those who have retired from the military or veterans. Many veterans have had hardships like everyone else as a result of the state of the financial world in the past few years. If you are a veteran who has fallen on hard times and accumulated a poor credit history, bad credit military loans can help you out as well.
Where Do I Get a Military Bad Credit Loan?
Many of the traditional banks and lending institutions that you use, such as a credit union, offer bad credit loans to military members and veterans. However, the nature of these loans, though special due to your status as a service member, is still not as favorable as loans offered to those with good credit. It is important to know that the interest rates will be higher on these loans and that other terms and conditions may apply as well.
To protect yourself, make sure that you look at all the fine print of the bad credit loan you are going to take. Read through the loan repayment period terms, interest rates and other fees that may be incurred with the loan.
Deferment fees are one important element to look at. These fees are charged if you cannot pay the loan back on time and need to defer its payments. For many bad credit loans this is a traditionally high fee and it is important for you to see if your military status can help you get it reduced. Hopefully, you will never need to defer your payments, but it is important to protect yourself if you do.
Final Considerations on Bad Credit Loans
Finding any loan these days is tough. Those with bad credit are in an especially hard spot due to the black mark that their credit score will place on them. You need to make sure that you are ready for the challenge of a loan before you take it, military loan or otherwise. Make sure you are ready and able to make the repayments on time so as not to damage your credit further.
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