Credit guidelines for military members, active or retired, are no different than conventional borrowers. A military buyer's credit score is a key factor in the personal loan interest rate a lender offers. A military loan with fair rates and fixed terms offers borrowers financing to consolidate past debts, put a down payment on a house, buy a computer, or simply build a credit history. This type of flexible financing affords veterans, active service men and women, reservists, and military families a solid solution when they need extra cash.
Financial obligations for deployed military members are protected against collection of debts, terminations of a lease, credit card debt, pending trials, and many other situations. These financial protections and benefits were established in the hopes of preserving a good credit score. Once they retire from the military, they will be able to easily secure financing. Additionally, lenders cannot offer active duty military high interest payday loans. Loans with interest rates that exceed 36% are found to damage credit scores because they are difficult to repay. These exclusive services defend military members' and their families' financial well-being.