The military lifestyle is defined by opportunity and change. This year, we’ve faced new challenges amid the COVID-19 pandemic to add to typical ones, such as deployments, PCS moves, childcare needs and spouse income instability.
As all of these changes can bring unforeseen costs, it’s a good idea to have a back-up plan to ensure your family has a safe, trusted and affordable solution to give your finances an extra boost when you need one. A personal loan can deliver the funds you need, but there are many different kinds to choose from. How do you determine the right solution for you and your family? Consider these factors before embarking on the process:
Assess your family’s household budget and track your current expenses. See where your money is going, determine opportunities to save and whether you really need a loan.
Review loans and debts you already have. A low-interest personal loan can be a smart way to pay off higher-interest debt or to address upcoming large expenses. Thinking about how you would use funds from a personal loan and the reasons behind them is a good idea.
Be informed, and read the fine print. Personal loans are offered at most financial institutions. While they may look similar, it is imperative to review the details and ensure you know what you are agreeing to and how certain loan products compare. Remember, a low interest rate is ideal, but the terms around it also matter. Look for a lender you can form a relationship with, preferably one who understands the military lifestyle.
When you decide a personal loan is the right solution for you, AAFMAA’s $5,000 CAP loan is an option you can trust to be a smart step forward to achieving your financial future. It’s available to servicemembers in ranks E-5 to O4, and gives your finances an extra boost to tackle unforeseen costs or large expenses that will save you money over time.
- Five years to repay.
- No credit check.
- No collateral.
- No prepayment penalties.
- Quick and easy application process.
Here’s how the $5,000 CAP Loan stacks up against other similar options:
Get a boost ahead of the end of the year to face its new challenges with confidence and find out what over 45,000 servicemembers already know. Click here for more information.
If you’re ready to apply, visit us online at https://www.aafmaa.com/cap or call us at (800) 846-1029 to start your application today.