Having bad credit is distracting and frustrating. And, when you are in the military, your military career demands your focus. You have other priorities than budgeting. You may feel that you are alone with this problem and that there is no way out. But have no fear. There can be a solution.
An allotment loan is designed to help you. It is specifically created for those with bad credit or who have been denied a loan in the past. It allows you to rebuild your credit with on-time payments that are automatically deducted from your account on a specific day of the month. You avoid late fees and extra charges. You can make a minimum payment or add to it to pay it off faster.
The amounts loaned with a military allotment loan are often $500 – $10,000. Allotment payments are usually fixed payments. You pay the same with each deducted payment. Lenders are somewhat more lenient with their credit requirements for an allotment loan due to having less risk on such a loan.
Lenders have reduced their requirements for an allotment loan. Traditional installment loans have requirements that you must have a full-time job, you must earn at least $1500 per month, have direct deposit with your bank, and be over the age of 18. Now, being in the military, it is assumed that several of these requirements already exist: military members do have a full-time job; they earn over $1500 per month; allotment loans are based on automatic deductions from direct deposit accounts; and military members are over age 18. Lenders can rest assured that they will be paid.
You decide to get an allotment loan, how will you apply the loan proceeds? You might use the money from a loan to invest in yourself. This could be the best use of the money. Get some training. Take a class. Learn something to add to your skills in what you already do or something new. It is a chance to change your life. It is a chance to change your future.
You might need quick cash for an emergency. It is frustrating to have your car break down. It is almost impossible to get to work or take the kids to school. And, car repairs are expensive. Having a plumbing problem on a holiday can ruin your celebration. The plumber is going to charge extra for working on a holiday in addition to the service call. It is well documented that whenever there is a hot and muggy day, our most vulnerable elderly residents can lose their lives if their air conditioning quit working. Sometimes just a small loan can save a life.
Having bad credit can feel like an impossible situation. An Allotment Loan can provide the means to rebuild your credit. It does so with automatically deducted payments from your checking account. The lender is guaranteed payment each month. It reduces the lender’s risk and assures that you avoid late payments. It allows you to rebuild your credit while you focus on your Military career. Truly painless!