Loans for Military Dependents
Yes, loans for military dependents are available but you have to be careful to find a good loan and avoid a bad one.
When it comes to personal finances, it can often seem like a war is raging between the bills and the paycheck. For many of America’s military families, there is simply not enough money left at the end of the paychecks to make ends meet.
To add fuel to this fire, many lenders are reluctant to help military members because of frequent moves or deployments.
Other lenders however, see military families as a sure bet for high interest rates and unreasonable repayment terms because of their steady, guaranteed income.
As a military dependent, it can be even harder to secure a loan. Not only do you have many different addresses on your application, your job history can suffer too.
Each time the service member is relocated, you have to quit your current job and find another. This can really make things difficult.
There Are Loans for Military Dependents
While many lenders are listed as predatory lenders for military members, there are some that are different.
Lenders such as Pioneer and Omini are owned by retired military members. They understand the hardships that many service men and women as well as their families face when looking for financial help. The relocations and the deployments aren’t an issue here.
Loans for Education for a Spouse and Children
There is a lot of money available for educational purposes. The GI Bill can now be transferred to a spouse after six years of active duty and a re-up for four more.
After ten years, you can transfer it to your children as well. Each branch of the military also has programs available for dependents but you will need to check to see who qualifies and for how much.
You do not want to overlook scholarship opportunities either.
There are millions of dollars awarded in scholarship money each year and it just takes time to research to find out which ones you may qualify for.
There is also the Pell Grant and Stafford Loans that most will be able to use as well.
Personal Loans for Military Dependents
When you need money for any reason, such as for car repairs, travel for a family emergency or just money to get to the next payday; a personal loan could be the answer.
These loans are for military dependents and may require no collateral. Make sure the interest rate isn’t excessive.
Check around with several lenders to see what the normal rate is. You also want to make sure the payment terms for the loan are not too much for your current financial situation.
Where to Find These Loans
The days of sitting in an office filling out paperwork for a loan that may take weeks to get are long gone.
The internet has given the world access to a faster, more streamlined loan process. In fact, you can fill out an application, submit it, and have an answer back on approval within just a few hours.
In some cases, you may have to fax or email additional information for verification purposes, but even then, technology speeds that up as well.
Most lending companies will deposit the money into your checking account within a day or two.
Isn’t it Time Dependents were Taken Care of Too?
Loans for military members are available and are not as difficult to find as you may think.
It is important to know the appropriate interest rates so you avoid a payment that is too high.
It is equally important to be able to trust the lender you are taking the loan from.
Some of the worst loans you can get are payday loans so be careful to avoid those loans if you can.