Using Past Military Service To Secure Bank Credit

If you have past military service, you can take advantage of the credit offers available for former military service members that are offered by many banks, credit unions and military lenders. There are credit opportunities for them both former servicemen and women that served only a short time in the military and even more opportunities for people that made a career of the military and then retired.

Credit for Retired Career Military Members

If you may have made a career of the military and recently retired, or even if you've been retired for a few years, there are many banks, credit unions and military lenders that will extend loans to you in consideration of your retirement pay. Many banks and other lenders feel comfortable making loans to retired military service members because they know that military retirees have a guaranteed pension for the rest of their life. Furthermore, they also know that overall retired military service members are demographically one of the most responsible groups as far as meeting their financial obligations and trying their best to avoid defaulting on loans.

You can take out retired service member loans for any number of reasons, you can use loan proceeds to consolidate debt, make improvements to your home or use the cash for any other number of reasons. Furthermore, banks and lenders that make these kind of loans often make them a very reasonable interest rates and allow for flexible payment schedules that can help you avoid committing too much of your valuable retirement pay towards costly monthly payments.

Other Former Military Loan Options

Even if you did not spend 20 years or more in the military, there are still certain credit unions that will allow you to join military credit unions and take advantage of many of the loan programs that are offered at these credit unions.

For example, credit unions are well-known for offering some of the lowest rate automobile, credit card and home loans on the market. Credit unions are nonprofit financial institutions and often provide low-cost banking services to specific group. Military credit unions are among the most competitive credit unions in terms of low-cost banking and low interest rate loans. Therefore, if you served in the United States military, and were honorably discharged, you will probably be eligible to join any one the military credit unions.

Military Specialist Lenders

There are some military loan companies that make transition loans to people leaving the military -- especially recent retirees. Therefore, if you have recently been discharged or retired from the military, you may want to consider military lending companies in or around your last duty post as they may be able to provide you with financing for re-integrating into civilian life.

In order to find banks, credit unions or military lenders that are willing to make loans to former military service members, you can use your favorite search engine to quickly locate many possible lender options. By using search terms such as: “retired military loans”, “military transition loans”, or “military credit unions” – you will find there are many options available.

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