What is Allotment Loans?
Allotment loans provide an option for federal government employees who have bad credit to get a loan with favorable terms. There are two types of allotment loans, and they are generally easy for government employees to apply for. Unfortunately, allotment loans are often used by unscrupulous lenders to ensnare low-income government employees, particularly active service military personnel.
Allotment Loans for Federal Employees
There are two types of allotment loans which are available to federal employees
Discretionary allotment loans: This type of allotment loan is one in which the borrower can designate a certain amount of money to be taken automatically from the borrower’s paycheck. They are typically allowed for any purpose, such as paying monthly bills. A discretionary allotment loan can begin and end at any time.
Non-discretionary loans: This type of allotment loan is similar to the discretionary loan in that you can have a certain amount of your paycheck designated to the purpose of the borrower’s choice, except in this case, the allotment can not begin and end at any time.
You have the right to read the Agreement before you sign it. You have the right to ask questions until you thoroughly understand everything in the Loan Agreement.
Advantages of Allotment Loans
Small loan amounts: Allotment loans can cover whatever small amount an employee needs. This can be anywhere from a few hundred dollars to a few thousand
Easy to qualify: More than 43 million Americans have a credit score lower than 599, which is considered a bad credit score. A low credit score can make it very difficult for people to obtain traditional loans. Allotment loans can allow government employees with poor credit scores access to the money they need.
Fast approval: When government employees need money fast, such as for a car repair or medical emergency, they don’t have time to wait around for a lender’s approval. Government employee allotment loans have a fast approval process. Typically, an employee can qualify for a loan in just a matter of minutes.
Reliable interest rates: Because allotment loans have fixed interest rates for the term of their life, this means that the borrower has no need to worry about the rate being hiked up before he or she has repaid the loan. Borrowers know exactly what to expect each pay period. This means employees feel completely in control of their budget.
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