What To Know About Loans for Military Veterans
If you are a military veteran and need money through a loan, there are some options for you, such as loans for military veterans. Though it’s not your only option – there are some other loan types you might want to consider as well, and we’ll talk about them here. To learn more about loans for military veterans, keep reading.
Here’s What You Need To Know About Loans For Military Veterans
There Are Loans For You Through VA
The first thing you should know about loans for military veterans is that there are specific VA loans available for you. The VA loan program allows those who qualify to use the VA loan to attain house ownership.
VA loans are different from other loans because they are specifically for veterans. Additionally, there are sometimes looser credit standards, and down payment is not required. In other words, VA loans can help you get a house with less money than you would need through traditional methods.
How VA Loans Work
Just like any other loan type you apply for, VA loans have a specific process. You will have to fill out paperwork from the Veterans Affairs office to confirm your eligibility. At this time, you’ll receive an entitlement, which is the guaranteed money amount you will get on your VA loan.
In order to qualify for VA loans, you have to meet certain requirements first. The most notable include being currently active or a veteran and meeting minimum service requirements. You can learn more about the specific requirements on the VA’s website.
It’s imperative that you get a VA certificate of eligibility, otherwise known as a COE, once approved. Without this certificate, you will not be able to get a loan. To apply for the certificate, you’ll need some basic info, including your name, Social Security number, and the date on which you started duty.
What Can I Use A VA Loan For?
VA loans are specifically designed to help veterans purchase a home. This loan cannot allow you to finance an investment property or a vacation home. Likewise, you can’t use VA loans for other purchases, such as medical bills or travel.
Need A Loan For Another Purpose?
If you need a loan for any reason other than homeownership, you will have to look elsewhere since a VA loan will not help. Even though the VA loan is not applicable to your situation, there are other loan types suitable for military veterans.
For example, cash advance loans, such as payday loans for military veterans are an option for individuals who need a little extra money until their next payday. Payday loans may be an option for you if you just need a couple of hundred bucks due to an unforeseen circumstance or emergency.
At Alabama Title Loans, Inc., you can get payday loans up to $500. You can even get this money quickly to help handle any emergency or necessary expenses. The in-person application process can take as little as 30 minutes to complete, and you can get the payday loan money the same day or the next business day.
What You’ll Need
In order to apply for a payday loan from Alabama Title Loans, Inc., you will need the following items:
- Government-issued photo ID
- Social security card
- Recent 30-day bank statement from your checking account
- Your most recent pay stub
- A blank check from an active checking account in your name
You do not need a great credit score to apply. On the contrary, all credit types are welcome to apply for payday loans from Alabama Title Loans, Inc., including bad credit and nonexistent credit.
How To Apply
If a payday loan from Alabama Title Loans, Inc. sounds like an option for you, you will have to apply to get started. The process begins with you filling out an online inquiry form on the Alabama Title Loans, Inc. home page. After you click submit, a representative from the closest location will give you a call right back. Make sure to answer this call.
During the phone call, you will set up an appointment to have all your documents evaluated while you apply. At the time of the appointment, bring your required items and sit with a representative. The representative will evaluate your items and walk you through the application steps, including filling out paperwork. Remember, this process can take as little as 30 minutes to complete.
If you are approved for a payday loan, you will receive your payday loan money the same day or the next business day.
Apply For A Payday Loan Today
There are several loans for military veterans to consider. VA loans, for example, are loans for military veterans who are looking to buy a house. Payday loans are another loan type for military veterans. This loan type is an option for emergency situations and quick money. If you want to apply for online payday loans in Alabama, start now by filling out an inquiry form. We will get back to you shortly so we can set up an appointment.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.