Many things are running through the minds of young men and women who join the United States Navy as recruits – glory, respect, fear,……. However, bad credit and financial problems are not words which are normally associated with military service. Or are they? According to statistics, those serving in the five main branches of the military (Coast Guard, Army, Air Force, Marines, and Army) have some of the worst credit scores on records. Why this occurs is a mystery, but it could be because so many recruits are young and have no idea how to manage money. In addition, military service personnel are only paid once a month – at the end of the month – meaning that a paycheck must stretch out for four long weeks. Most of all, many feel that the reason for bad credit in the Navy is that the pay is not sufficient to take care of an individual, much less a growing family.
Bad Credit Navy Loans – Get Out of Debt
Let’s face the facts, anyone with a low credit score will find it very difficult to borrow from banks, credit unions, or traditional lenders. In addition to bad credit, Navy personnel are considered risks , simply because of their occupation, which can be considered hazardous at times depending upon where they are stationed. Are there any options out there for bad credit Navy loans. Absolutely, but you have to know where to look – which is why so many are turning to US Military Lending Corp. USMLC has two main loan requirements – the borrower must be in full time military service and must have at least a year remaining on the current tour of duty. Credit, while a consideration, is a minor one, and credit problems, a low score, or a past bankruptcy will not disqualify an applicant or form the basis or a loan denial. The purpose of the loan can be anything, from needing a down payment for a car to paying an unexpected medical expense. Loan amounts range from $1,000 – $2,500 and the money is paid back through allotment, which means that USMLC will even lend money to those serving overseas, as long as they have an active mainland bank account.
Bad Credit NavyLoans – Call Today
With USMLC, bad credit Navy loans are a very real possibility. Call 866-608-7652 or go online and visit our FAQs page for more information. You protect and serve our country – we are ready and willing to lend you a helping hand to get you back on your feet.
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