When you are facing a financial crunch and you need instant money to cater to your immediate needs, you can opt for a military pension loan. Normally, pension payments are credited to your account on a monthly basis. However, you can opt for a lump sum payment at one go and use this money for paying debts, buying home or vehicle, starting a new venture, paying for education or even use it for touring around the world!
The best advantage of this scheme is that you need not repay this amount as it is just your money paid to you in advance. This means that you do not receive monthly payments until the time period till which you have been paid in advance lapses. After this, you start receiving monthly pension payments as before.
In order to be eligible for this scheme, you minimum monthly pension income should be at least $400 on a monthly basis. Or you should earn more than $5,000 annually after the taxes and liability payments are deducted. You should also hold a credit score of more than 600.
You should not hold any bankruptcy charges the previous two years on the day you apply for this loan. Your credit card payment history records should be at least fair which means you should not have been paying bills consistently late. In addition, if you hold poor credit for the past 18 months and you have been denied military pension, you would not be eligible for this scheme.
More Articles :