Share on FacebookShare on TwitterShare on Google+
If you serve in the military and need a little extra cash, Armed Forces Bank is a reliable place to get some financial help.
Whether you need funds to cover an unexpected expense, pay credit card bills, or make some home repair, you can get a loan that suits your need from the bank.
Armed Forces Bank has been serving active military, retired military as well as civilian customers since 1907.
It is a family-owned business that offers a huge variety of competitively priced and easily accessible retail banking and credit services. The bank operates an extensive network of ATMs and branch locations and it provides convenient online and mobile banking services.
The bank offers a variety of personal loans that come with great benefits such as fast approval and funding process with automated online loan application and no prepayment penalty.
Types of Personal Financing Options at Armed Forces Bank
Getting a personal loan with fixed terms and fixed payments will allow you to simplify your budget. Armed Forces Bank offers several types of personal loans that include the following.
Military Starter Loan
This Starter loan from Armed Forces Bank allow you to borrow a $500 loan without any requirement for collateral. This loan option is available only to active duty members of the US Armed Forces and Reserves.
The best thing about this loan option is that applicants with no or very little credit score can still apply for the loan. All you need to remember is that there is a $35.00 non-refundable application fee.
With an Express Loan, you can borrow up to $1,250 without placing any type of collateral, and applicants with low credit scores are also considered for this loan. Like a Military Starter Loan, there is a $35.00 non-refundable application fee for an Express Loan.
Premier Loan amount range from $3,000-$15,000 and you are not required to place any collateral to borrow this loan. It comes with fixed rates, fixed terms and monthly payment that can help you simplify your budget.
The only drawback is that premier loan is available only to borrowers with well established good credit rating. Moreover, there is a $50.00 non-refundable application fee with this loan option.
Secured Personal Loans
If you are in a condition to offer collateral, Armed Forces Bank provides a number of secured personal loans such as auto loans, boat/motorcycle/RV loans, CD Line of Credit and CD Term Loan.
The CD Line of Credit and CD Term Loan will be secured by your Certificate of Deposit.
A wide variety of flexible terms are available with auto and boat/motorcycle/RV loans. The bank offers quick loan approval process and a rate discount of .50% is also offered to existing Armed Forces Bank Customers.
Unsecured Personal Loans
On the other hand, the bank offers fast and convenient unsecured loans for those who are not willing to place any assets as collateral. It offers unsecured personal loan amounts up to a maximum of $15,000, subject to credit approval.
With the new online application and closing process, you don’t have to visit a branch to make your loan application. There is no annual fee and the loan terms will be based on the amount of the loan.
A non-refundable application fee of $35 will be charged and your Annual Percentage Rate (APR) will be based on your credit score.
For more information, you can call 855-809-9049 and speak with Armed Forces Bank’s Consumer Loan Specialists.