Best Military Loans and Loan Options • Benzinga

Military loans are an interesting segment of the loan industry. Although lenders cannot design loans specifically for military personnel or veterans, special programs and rules exist to ensure that military families can borrow the money they need. As you read, consider which options are best for you, including loans, cash advances, and programs that allow you to get ahead in life.

Although your military service is only part of your life, several financial tools can help you finance other parts of your life.

What is a military loan?

A military loan is a financial tool designed specifically for active duty military personnel or a retired military member. Keep in mind, however, that you probably can’t buy a “military loan” from every financial institution you search. Instead, look for programs that are suitable for serving or retired military and their families.

In short, you can look for lenders that cater to the military or programs that offer preferential service to military or related government officials.

Additionally, you may want to consider Small Business Association (SBA) loans for veteran-owned businesses.

Are loan discounts available for military personnel?

In banking, as in other consumer-related industries, you can often find a discount for veterans or military personnel. Additionally, service members can use the Military Civil Relief Act, a law created to provide additional protections to service members in the event that legal or financial transactions adversely affect their rights during military or uniformed service. Among other protections, the law states that if you took out a car, home, or student loan or incurred credit card debt before becoming a member of the service, or if you took out such a loan jointly with your spouse, you have the right to have your interest rate reduced to a maximum of 6% per annum. This accommodation only expires 1 year after your release.

So while you may have access to better rates than most, you should ask your financial institution of choice if even lower rates are available. While it’s impossible to list all of the discounts available to military personnel, you should look for a discount at every bank and financial platform you choose.

Preparing for military loans

Although military loan options are attractive, you should prepare for them as much as possible. Taking care of your credit, paying your debts faithfully and staying in good financial health is more important than finding a specific loan.

Preparing for a military loan should include:

• Pay off your debts as much as possible
• Pay all your debts on time
• Create a monthly budget to help control your spending
• Dispute incorrect items on your credit report
• Try to save as much money as you can

By preparing for a military loan, you will find that you can put yourself in a much stronger financial position while securing the financing you need. Additionally, you may want to consider smaller loans – no more than $1,000 – similar to those offered by platforms like MoneyLion.

What is a military scholarship?

Although a military grant is not a loan, it is an option military members and their families might consider. Evaluating these options will broaden your financial horizons, helping you achieve a greater level of financial freedom.

Grant programs to consider include:

VFW Program Unmet Needs: Grants of up to $1,500 are available to meet basic living needs. No refund is required.

Pell Grants: Scholarships available for children aged 24 and under of deceased veterans.

Other national organizations supporting veterans and military personnel include:

• The American Legion
• AMVETS
• Paralyzed Veterans of America
• Veterans of Foreign Wars

About MoneyLion

MoneyLion is a digital financial platform that helps the “99% feel 100%” about their finances. The platform ensures that you have all the options you need to live well and grow, including:

• Mobile banking
• Credit builder loans up to $1,000
• Options to get paid earlier
• Buy it now and pay later options
• Cash advances
• Cash back
• No hidden fees
• Financial Trackers and Calculators
• Crypto and investment accounts

Learn more about military loans today

As an active duty or retired member, you can learn more about military loans that will help you move forward in life and improve your financial well-being. As always, come back to Benzinga anytime to learn more about loans, stocks, cryptocurrency, and a wide range of financial instruments.

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