Personal Loans For Veterans: What You Need To Know

When you need funds with flexible terms on its usage, personal loans are the best option. You may use personal loans for just about anything – house renovation, family vacation, dream wedding, debt consolidation, emergency funding, health emergencies and more.

There are many veteran and military loans available that specifically cater to veterans and military members. These loan give benefits and perks to its borrowers like discount on car rentals and access to car-buying programs. Banks and online lenders provide personal loans at favourable terms but they don’t require you to be a veteran or a military member. Though these banks and online lenders do not offer such benefits and perks but they often provide an auto-pay discount. You should weigh these benefits, perks and discounts to avail the best veteran personal loan suited to you.

Tips For Comparing Personal Loans For Veterans & Military Members

You should compare the personal loans for veterans and military members and take an informed decision. You should consider following points while comparing the personal loans.

• Consider Possible Discounts –

Lenders offer veterans perks and benefits on personal loans. Consider which is more valuable for you.

• Compare The Top-End Range Of Interest Rates –

Since rate of interest largely depends on your credit score, make sure you compare the top-end range of the interest rates. Veterans and military members with bad credit score will likely get a personal loan with top-end interest rate, thus it is advisable to compare them and choose the one which is most favourable for your financial conditions.

• Prequalify With A Provider –

Prequalifying does a soft check of your credit score and helps you find the best rates. Soft check of your credit score doesn’t impact your credit history and is a safe manner to negotiate on the terms and benefits of availing a loan from a provider. Prequalifying will also help you learn about potential loan limits, rates and repayment options.

• Check For Additional Fees –

When comparing loans for veterans, make sure you are informed about the additional fees, if any, are charged by the lender. Additional fees may include origination fees, administrative fees, late payment fees, prepayment fees etc.

• Evaluate The Lender’s Customer Support Options –

Though customer services are hardly needed during the loan tenure, but it is a good option to make sure that the lender has a good customer support. Customer support may be needed in case you encounter issues with payment or having a trouble during your repayment period.

How To Apply For Veteran And Active-Duty Military Loans

• Check your credit score
• If needed, take steps to improve your credit score
• Determine the amount you need to borrow
• Shop around for the best terms and interest rate
• Submit your application

Conclusion

Veterans and military members may need urgent funds to cover unexpected expenses, medical bills, home renovation projects or to consolidate high-interest debts. They may also face financial challenges such as loss of military benefits or difficulty in finding a job. Personal loans can help them by providing them with necessary funds. They need to compare the benefits and terms of various lenders and credit unions and take an intelligent decision about choosing a lender. Veterans should also consider the repayment options and tenure, additional charges and interest rates before availing a personal loan.

IIFL Finance has displayed all the relevant information on personal loans such as interest rate, eligibility, amount that can be availed, repayment tenure, etc. Applying for personal loans at IIFL Finance is easy and the entire process can be completed online.