Managing unexpected financial situations can be hard. If you are a federal employee, you can consider installment loans, and there are varied options available. Compared to private sector employees, federal employees are more likely to get approved, because of job stability and security, even if they earn significantly lower, or don’t have a great credit score. In this post, we are sharing quick list of installment loans available for federal employees.
- Discretionary Allotment Loans. This type of allotment loans allows the borrower to decide how much to pay from the paycheck towards loan repayment each month. The amount is automatically debited from your account. For those looking for government allotment loans, this could be a good option.
- Non-Discretionary Allotment Loans. In case of non-discretionary allotment loan, the lender decides a fixed installment to be paid per month, until the loan is repaid, and rest of the other terms remain same as with discretionary loans.
- Federal Credit Union Loans. More than 5,000 U.S. credit unions exist today, and these often offer unsecured installment loans for federal employees. You have to be a member of a union, to apply for the loan with them.
- Private Military Loans. Current servicemen and veterans can apply for these loans, even with a bad credit score. Spouses can also apply, but lenders may not always accept all applications.
- Personal Installment Loans. Online lenders and some of the traditional financial institutions offer these loans for government employees. A personal installment loan can be repaid in easy installments, and there is usually a soft credit check involved.
- Online Installment Loans. These are almost same as personal installment loans, but the whole process of applying and approval is done online, which is not only convenient, but also discreet. You can expect approval within a day, and often funds in your account in just 48 hours.
- Installment loans on poor credit. You can get installment loans on bad or poor credit from selected online lenders. The terms and conditions are pretty much the same as with personal installment loans.
If you have never applied for an installment loan before, we recommend that you do a complete check on the terms and conditions. Remember any kind of loan, no matter the amount, has to be repaid, so you have to borrow when absolutely needed and must have a repayment plan in place. Check online to find more installment loans for federal employees.