Unfortunately, it seems like sometimes our veterans get the short end of the stick on many different things in our country. Among these things are jobs and loans, along with other financial factors. Veterans tend to be unemployed and looking for work more than several other classes of Americans, and can often struggle to make ends meet because of lack of financial options.
There are options out there for veterans, but a good deal of them require a good credit score to really help out much. Where does that leave our retired service men and women who don’t happen to have the best credit?
Options such as LetMeBank.com exist to help out veterans, providing them with specialized information that could help match them with just the loan they are looking for. For some veterans, they may not be as well informed on their options.
What kind of options exist for our service people, and how can these options help them turn their financial situations around?
Options for Veterans to Consider When Needing a Loan
If a person has great credit, they will find it much simpler to get a loan, get a credit card, or establish another line of credit no matter what their financial situation looks like. People with bad credit face another situation entirely, however, and all too often sadly includes American veterans.
Unfortunately, the government doesn’t currently offer solutions like direct lending for veterans, so they have to make do with the same options “normal” people with bad credit must utilize.
Thankfully, many options exist for people with bad credit who could use a little break when it comes to not being able to find lending options that suit their needs. If you’re a veteran trying to navigate some of these troubled financial waters, you can rest assured that you can have some of these options to fall back on, no matter what your credit score looks like:
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Installment loans
An installment loan is just what it sounds like, a loan that helps you get the cash you need and are able to repay through manageable monthly payments. With most installment loans, you will know exactly what your expected monthly payment will be, along with any fees and interest rates you may face along the way.
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Short-term loans
Short term loans are usually smaller amounts of money for smaller purchases that need to be made immediately. These loan options are best when you are facing unforeseen circumstances or emergencies, and many lending companies exist that are more than willing to provide short term loans with veterans with bad credit in mind.
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Veteran-specific options
Some banks and credit unions are designed just for ex-military members who are looking to re-establish their financial footing, no matter their credit score. These companies are usually willing to forgive past financial mistakes and are more than happy to help a veteran in need.
One of the best things about loans (no matter what kind you end up getting) is that being responsible in paying it back can help you rebuild your credit score and work towards getting even better options in the future.
If you get any type of loan and make your monthly payments on time, it will be reported to the major reporting bureaus such as TransUnion, Experian, and the like, and you will see these reports reflected in your credit history.
Making your loan payments on time and rebuilding your credit score will go a long way in help setting you up for future financial success, meaning you will be able to qualify for even better loan options, credit cards, and other lines of credit in the future. For veterans who are trying to re-establish their financial footing, this can be a great deal to help them in getting a house or apartment, a vehicle, and much more.
Take advantage of credit loan programs
Whether you’re facing a financial emergency or are just having difficulty in getting approved for a loan, no matter why you need it, you deserve a second chance and respect as a veteran, no matter your credit score. Taking advantage of bad credit loan programs (especially ones designed for veterans) can be a great way to help you get a foothold on your finances and set you up for success as you readjust to civilian life.
Final thoughts
Be smart, make your payments on time, and manage your finances diligently, and you’ll be well on your way to financial prominence as time goes on.
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Interesting related article: “What is my credit score?”