People used to think that one of the noblest professions one could do in America was a soldier. But history reminds us that veterans are amongst the people that suffer the most in our society. It is unclear why this happens. Why, after they deliver their service, they end up either lonely, homeless, or both?
Did you know that there are around 21 million veterans in the United States only? And that from these 453,000 of veterans don’t even have a job? Statistics show that over 40,000 veterans are currently homeless in America. These stats are scary, and considering the kind of service that these people delivered, they are not being treated right.
The transition from the military to regular life can be tough, and most of the time, it involves financial difficulties. Vets have a hard time finding a job, and the situation gets worse if they lose their military benefits. One thing that is for sure is that one can always be able to get up and recover from a financial loss, no matter the situation. People can always come back from a financial crash, lack of employment, or even depression. It is all a matter of personal will.
What Is a Personal Loan?
A personal loan is a kind of loan that is a bit more flexible than the average loans out there. For example, differently from a student loan where the student has to take a certain amount that is needed for education, a personal loan can have a budget based on the borrower’s needs. The latter can then pay the loan every month at a certain interest rate.
The reason why personal loans are perfect for veterans is that these loans can be used as a means of help during hard times. You can use a personal loan to clear debts from other people, to cover emergencies, or even to make improvements at your home. They also give out loans for veterans with bad credit.
And the interest rates that personal loans have are not that high compared to other options of debt. The flexibility of personal loans makes them great for someone who is struggling financially for the moment. You can even be smart and use a personal loan to invest in something that you are passionate about, that will repay in the long term. Something that will help you build up a business that will provide passive income eventually.
Personal Loans for Veterans
There are many institutions out there that work, especially with veterans, to help them with financing. One of these large institutions is USAA, which works only with veterans and current military members giving them personal loans, financial services, and insurance packages. Through USAA, you can get a personal loan from $2,500 to $20,000 as soon as the next day.
Navy Federal Credit Union is a well-known institution that has been serving vets for more than half of a century now. This institution gives out many financial services, from insurance to credit cards and also personal loans. If your credit score is a good one, you can get a great interest rate on the loan that you get from them. You can get the money in your savings account once they approve the loan.
There are many, many companies online out there that give out personal loans and they might suit the best for you, depending on what you are looking for. 12M Loans is one of the companies that are best when it comes to applying for personal loans. Reasonable interest rates, fast procedures, and friendly staff are what makes this company stand out from the competition. Veteran personal loans are one of the things they are also focused on.
Servicemembers Civil Relief Act is an assistance program to help you with personal loan options for veterans. When people are choosing veteran loans, and they have bad credit, they tend to fall prey to bad service. This is why Congress has created the Servicemembers Civil Relief Act. Especially to protect you from unfair practices while you are out there serving your country. They can stop your landlord from evicting you if your rent is lower than $3400. They can stop foreclosure without a court order. Also, they can limit the interest rates for loans taken before joining the military to 6%.
Other Financial Help
If you are interested in VA personal loans, the above options will help you out. But if you are interested in other financial options such as finding a job, or housing, there might be some other options you can consider.
You can use a purchase loan to get help with housing, and the advantages are better than the traditional lenders. You don’t need a down payment, and the interest rates are far lower. Native American Direct Loan Program offers loan options for veterans that are native, or their spouse is so. If you have the intention to buy a home or improve the current home that you are living in, they can really help.
The Veterans of Foreign Wars, being a nonprofit organization, gives financial grants for veteran families who are struggling financially in the value of $1500.
The National Veterans Foundation also helps veterans to get a job, get assistance, or learn about more benefits that veterans can get.
Don’t think just because you are in a bad financial situation currently that you cannot get out of that rut. There is always a chance for you to improve your life, and if you make the right financial education, you can change so much. If you educate yourself on how to improve your credit score, you can get out of poverty.
The financing opportunities that are out there for veterans with bad credit – quick loans are also a possibility. But the best way out is to pick yourself up from the crash and try to improve.
Hopefully, this article offered you some information about the possibilities that are out there for you as a veteran. Do not shy away to do your own research and see what might work best for you.