Living a decent life and having the means to afford our wants is what everybody desires, and this requires a good/high-paying job. However, it is a fact that not all jobs are high-paying, and this is especially true for most Federal employees when compared to their counterparts in private organizations. Nonetheless, there are many opportunities out there for federal workers to buffer their income during difficult times. One such opportunity is installment loans. Installment loans are loans that can be paid at regular intervals, implying that a borrower doesn’t have to pay what they owe all at once. Instead, they have the opportunity to spread payment across an agreed time frame, and sometimes, specified periods. Let us know ‘Installment Loans For Federal Employees’.
If you want to know more about installment loans and the most common categories available, you are in the right place. I have outlined for you in this article the top 5 categories of installment loans and also attached a list of some of the most reliable lenders available.
Top 5 Installment Loans For Federal Employees
- Allotment Loan
An allotment loan allows borrowers to allot a specified amount from their salary to pay creditors at specified intervals, with the allotted amount being deducted from their payroll. Added to the advantage of being a flexible loan, most lenders often do not require the borrower’s credit history, making it a great option for people with bad loan history.
Allotment loan is of two types. There is the discretionary loan, which gives the borrower the prerogative to decide the allotment, and the non-discretionary, where the lender decides the allotted amount.
- Emergency Loans
Emergency loans are personal loans Federal employees can leverage for unexpected expenditures. They are unsecured and can be applied spontaneously, either online or onsite. Usually, we budget for our regular expenses, or at best, keep a small amount for emergencies. But it is not uncommon for unplanned expenses to rise that are often bigger than our miscellaneous budget, and some can be urgent. In such situations, you’d want to access cash in the shortest timeframe possible. This is why lenders have created room for emergency loans, to support employees in such desperate situations.
The best part is that, unlike payday loans that require one-time payment, emergency loans can be flexible, allowing borrowers to pay in installments. It is also crucial to note that interest rate is contingent on the lender, though most lenders have modest borrowing costs, allowing Federal employees to borrow a significant amount and pay with ease.
- Federal Credit Union Loans
Credit Unions are member-owned and non-profit financial institutions. There are currently a handful of credit unions in the united states with huge financial resources that Federal employees can leverage. Federal Credit Union Loans offer unsecured and low-interest loans to its beneficiaries. However, to be a beneficiary, you will have to be a registered member, and depending on the union, new members may be required to pay a one-time membership fee. But this I think should be an easy trade-off, especially when cognizance is taken into the benefit of financial security beneficiaries will enjoy. Also, some Fed Credit Unions may require lenders to make small deposits, as a security/guarantee.
Federal Credit Unions are available across all sectors. You will only need to find one within your sector, and pass through the appropriate registration process.
- Personal Installment Loans
Like all installment loans, Personal Installment Loans allow beneficiaries the leverage to pay back the loans at their pace, usually at an agreed time frame with the lender. This means, that lenders give borrowers all the requested amount, and borrowers pay a fixed amount over a period of time till the loan is completely liquidated.
Personal loan organizations are not so concerned about borrowers’ credit history as they are about the borrower’s ability to liquidate the loan. This is why personal loans are more friendly to federal/government employees than their private employee counterparts since the government workspace promises security.
- Private Military Loans
These loans provide borrowers access to quick cash, and it is available to both active servicemen and veterans. The terms for private military loans vary, largely depending on the lender. For instance, while some lenders limit access to the military personnel themselves, others can be flexible to allow families or spouses of the military personnel to apply.
Top Four Installment Loan Companies
The above list highlights the categories of installment loans open to federal employees, and many lenders are willing to give federal employees access to them. I have outlined a few on this list;
- Federal Employee Education & Assistance Fund
- Kashable
- Superior Funding
- BMG Money
Conclusion
Because the purpose of this article is to introduce you to the basic concept of installment loans, I focused on exploring the categories and adding a few lists of platforms to access them. Finally, keep in mind that lenders base their decisions on the borrower’s ability to pay, which is why installment loans are easier to obtain for federal employees than for their private counterparts.
