From times immemorial, we have been dependent on our dedicated military personnel to safeguard the interests of the country. While they do so much to ensure that the country remains safe, they are faced up with many difficulties of day-to-day life. They have to live away from their near and dear ones often being posted abroad serving in a foreign country. Not only this, they have to manage their finances with the pay that they receive, which is far lesser compared to other industries. In order to help these personnel overcome their financial troubles, active duty military loans are being provided.
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Be Careful and be Aware
Active duty military loans are provided to the military personnel through a number of sources such as banks, lending companies, credit cards and from the Department of Veteran Affairs. But, before taking up these loans, the military personnel should take care and be aware of all the clauses that come attached to the loan before obtaining it. They should not just blindly take up the loan without reading through all the clauses and the fine print. This is the usual mistake committed by many in the military as they are not too aware of these kinds of scenarios and easily fall prey to bad deals coming their way.
The active duty military loans can help the military personnel tide over some financial burdens in the form of other loans, educating their children and things like that. With a wide variety of options to choose from, they have to be extremely wary of whom they take the loan with and to study the details of the loan in-depth before they enter it. They should check details such as the interest rates, the tenure of the loan and any other hidden clauses attached to the loan. Another important thing to watch out for is if there is a clause for prepaying the loan.
This is important because they may end up paying a higher rate of interest in the case of pre-closing the loan which has a prepayment clause attached to it. It is essential to remember not to rush into taking up a loan as it might work against the borrower with high interest rates or with clauses like a penalty for prepayment. Many a times it is better to take a loan without a prepayment penalty but at a higher rate of interest if the borrower is able to pay off the loan in a short duration.
Without having to pay a penalty for prepayment works heavily in the favor of the borrower as paying more than necessary usually works in saving on the total payments by reducing the interest paid and also helps in working towards paying off the loan more quickly.
Check All Options
Active duty military loans offered by the veterans' associations come with many added benefits. These loans can also be taken up by the spouse of the serving personnel without their presence. This option works well to help the family of the military personnel to be able to raise finances in case of a dire need for money while their partner is serving abroad. Also, these loans provided by the VA are unsecured loans, which mean there is no need to provide any security to procure the loan that is again very beneficial to the borrowing personnel.
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