Do you have bad credit? Are you a veteran? You are in luck! Lenders provide loans with specific terms for certain borrowers. Read on to learn about how to find a low-interest loan for bad credit or a loan geared toward vets and service members.
Many lenders offer personal loans even if you have bad credit. Trustworthy debt consolidation companies help improve your credit score and put cash in your hands. They can provide you with a loan at a lower rate to pay off all your other debts.
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Veterans and military personnel can apply for personal, business, home and other types of loans with rates and terms designed for them.
You may also be eligible for these special loans if you are the spouse or child of a current or former military member.
If you are a veteran or still serving in the military, you may seek loans through the Veterans Affairs (VA). VA-backed loans typically have low rates and better lending terms.
You can go through a civilian lender with proof of military status. Payday lenders limit the amount they can offer, but the Military Lending Act (MLA) allows private lenders to loan more money to military members and their families.
The MLA also caps the interest percentage, so members and their dependents can get better rates than civilians.