Unsecured Loans Veterans
Our nation’s men and women in uniform returning from active duty often receive special consideration. For instance, veterans seeking mortgages can often receive loans guaranteed by the Veterans Administration with little or no money down. On the other hand, when applying for unsecured loans veterans sometimes fall victim to payday loans. That’s unfortunate – and unnecessary. LoanNow provides unsolicited loans veterans need with manageable repayments that work with veterans’ budgets.
Military Lending Act of 2007
For many payday lenders offering unsecured loans veterans represent an ideal target. Unlike active duty personnel, veterans do not receive special protection from predatory lenders. The passage of the Military Lending Act of 2007 limited the maximum APR for loans to active duty personnel to 36 percent. As a result, many payday lenders refuse to extend credit to active duty military personnel or members of their households. However, veterans are not covered by the MLA and are considered fair game.
The Danger of Payday Loans
With payday unsecured loans veterans may initially find financial relief, but that relief is short lived. Payday loans typically carry very high interest rates, coupled with repayment periods that can be as short as one week. If that sounds almost impossible, that’s because it is. According to the Consumer Finance Protection Bureau, four out of every five payday loans are rolled over – renewed – at least once. Payday borrowers are often frustrated to find their loans keep getting larger, despite making regular payments. Borrowers may make payments for months, even years, before they are able to pay off their loans in full. Others must resort to drastic means, even bankruptcy, to escape the payday loan trap.
Veterans and Car Title Loans
With car title unsecured loans veterans who may not be eligible for bank loans can get funding that initially seems convenient. But car title loans are especially dangerous. Although they technically count as unsecured loans, car title loans can put borrowers’ cars in jeopardy. That’s because borrowers must give up their car titles in exchange for their loans. If they fail to repay their loans, their cars can be seized.
Unsecured Loans with LoanNow
With LoanNow unsecured loans veterans – or any borrowers – need not wait weeks for a decision, or put their personal property or car titles on the line. Our loans also feature manageable monthly installments designed to work with borrowers’ budgets, not put them further into debt. Why not experience the LoanNow difference for yourself!