In A Financial Bind? Here’s How An Allotment Loan Can Help
Find out why an allotment loan is the best solution for any type of financial emergency. Get through a financial emergency with help from Access Loans.
Various reports found that about 25% of Americans do not have an emergency savings fund. An emergency fund helps individuals or families to pay for a medical emergency or something similar, or for their basic living expenses in the event of a loss of income. Federal employees can take advantage of allotment loans to get through a financial emergency without going into crippling debt.
Allotment loans are a type of loan specifically made for federal employees. Federal employees benefit from low, fixed interest rates, manageable payment terms, and no collateral. Allotment loans are paid by allotting a portion of their monthly salary to pay for the loan. The amount is deducted from the employee’s salary.
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6 Ways Allotment Loans Help During A Financial Emergency
It’s Accessible
It’s not easy applying for personal loans because they have lots of requirements and take months to get processed. Since it’s quick and easy to apply for allotment loans, they are ideal for emergencies when you need to produce a large sum of money in a short period. Federal employees who have bad credit can apply and still get approved. All you need to do is submit identification documents.
It’s Flexible
Allotment loans are perfect for any type of emergency because you can use it for anything. There are no restrictions unlike other types of loans and you do not need to declare what you will use it for.
Get Approved Quickly
When you’re in an emergency, you need to get money as fast as possible. With Access Loans, it only takes three steps to apply for an allotment loan and it only takes a week or less to process so you can get the amount you need when you need it.
Get Easy Payment Terms
When you get an allotment loan, you get to choose your payment terms. You can choose a long-term payment scheme with low monthly payments or a short-term one with slightly higher payments. The choice is up to you so that the loan remains manageable.
Enjoy Convenient And Fixed Interest Rates
Access Loans offers low interest rates because allotment loans are meant to help federal employees in their time of need. In addition, you don’t need to worry about hidden fees.
It’s Great For Your Credit Score
In the past, employees have found themselves taking on bad loans that end up damaging their credit limit. Not anymore. Access Loans’ allotment loans can help improve your credit score. The company does not pull up credit scores but it does report payment history. With a consistent payment history, which is made achievable by low interest rates and easy payment terms, an allotment loan could boost your credit score.
If you’re ever in a bind, do not hesitate to apply for an allotment loan with Access Loans.
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