Are There Loans For Military Veterans?

Military veterans have many loan options and the one you pick depends on your need, your income, and your credit score. Some credit unions, banks, and fintech groups cater to veterans so you can find lower interest rates and other discounts that make your loan more affordable than a loan for civilians.

Where Do You Look?

The place to start looking at loans for military veterans is with the Veterans Administration. The VA has a wealth of information on loans that veterans can apply for, including home loans and personal loans. Most veterans state the advantage of the home loan option as it offers great, low-interest rates for both first-time homebuyers and previous home buyers.

State agencies also support veterans, and some have special programs aimed at helping veterans get housing, pay utilities and even start a business. The place to start looking is with either the Department of Labor or the Department of Veterans Service that's available in many states.

Any military credit union has solid banking and loan options for both active military members and veterans. Many times, those benefits extend to family members too. Credit union loans range from really small like $250 up to $50,000, depending on the credit union.

Some fintech companies also work with veterans that have good credit and offer a variety of loans ranging from $5,000 to $100,000.

Bad Credit Loans

Some fintech groups will work with veterans that have bad credit on small to mid-size loans ranging from $1,000 to $35,000. Interest rates vary from below standard rates to higher-than-normal rates.

Individual rates and loan amounts will depend on each case and things like credit score and work history.

Traditional Loans

Some traditional big banks offer many types of loans and can have discounted offers for veterans. Some are better than others so you will need to call to compare options.

An advantage of getting a loan from a big bank is they can offer more money. One of the better veteran loan programs offers up to $100,000 in loans for veterans.

A disadvantage of going to a big bank for a loan is their requirements are more stringent. Some require you to have a bank account set up there for a while before offering a loan and most will want you to have a good credit score before gaining approval.

All will also require you to be on your job for at least three to six months before they will consider you eligible for a loan.

Planning for a Loan

Everyone has to plan for how a loan will be used and paying it back. It's best to do that before you get one. Loans typically are used to pay for things you otherwise wouldn't be able to handle all at once like a home remodel, starting a business, or buying a car.

Those items are typically figured into your overall budget, so you aren't overwhelmed with payments. That can be hard to do if you have a series of things happen that deplete your savings and stretch your budget.

Sometimes, there is an extraordinary circumstance where you need some money more quickly than you can obtain it through any of these methods. You may have a sudden dental issue that must be resolved, or you have a water main break at your home that leaves your family without water.

These are things that can't wait a few days or weeks until a financial institution can approve a loan.

Quick Loans

Missouri Title Loans, Inc. has online title loans of up to $15,000 that are an option for those unexpected situations. They are convenient to apply for because you fill out the application online.

You will get a call from a loan representative who points you to the nearest location to hear details and get approved.

A feature of Missouri Title Loans is they have people who will come to you at a location of your choice if you don't want to come to a store.

Requirements

Those applying for an online title loan will need a driver's license or state-issued identification, a vehicle in your name that has no liens on it, and your vehicle to inspect.

Once you meet the loan representative, the process can be completed in as little as 30 minutes. Eligible applicants can receive money either the same day or the next business day.

Some of the benefits of this type of loan are:

• It's fast and simple to apply.
• Good and bad credit is accepted.
• You don't need a checking account to qualify.
• You can keep your car after taking out the loan.

Go Online Today

Veterans who need some immediate help can find out more information by logging onto the Missouri Title Loans, Inc. website. Representatives are also available at all our branches to answer questions about loans for military veterans.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.