If you are interested in taking out an army relief loan, there are a few things that you will want to keep in mind. It is really an easy process, but it can be sometimes quite time consuming. There are a few tips that will help you to get approved for your loan faster, but it can still take a few weeks- so you should be patient. Here are some guidelines that you should follow to help you out with the process, so that you can ensure a speedy approval and fast deposit of the loan into your bank account.
1 – Ensure You Have at Least 12 Months of Service
First of all, ask yourself if you have at least 12 months of service. If you do, then you will be ready to apply for the loan. If you don’t, then there could be a few stipulations. That doesn’t mean that you are automatically disqualified from getting the loan, but it may not be as easy for you. There are some circumstances that will still allow you to apply for the loan, but it is something that you need to discuss with your CO and your supervisor.
2 – Apply Online or In Person
If you are eligible to apply for the army relief loan, then you will want to print off your SVA and go to the application form that can be found on the web. You can do the application solely online if you choose to, and most people find that to be their most convenient option. The problem is that some people don’t have this ability, and they have to go in with a paper application. Either way is suitable, but you may find that the process goes faster if you apply online.
3 – Ensure that You Can Afford Your Repayment Plan
When you are putting everything together, it is really important that you are able to afford your repayment plan. You don’t want to find yourself in debt that you can’t get out of. After all, it is a relief loan, not a loan that is meant to get you into further debt. So, take a look at your budget and take a look at your minimum repayment plan. You will then be able to decide if your payment options are affordable or not. If you can’t afford them, it may not be a good idea to get the loan.
4 – What if You Aren’t Approved?
If you aren’t approved for the army relief loan, then you do have a few options. You can talk to your supervisor and your CO and see if they can tell you what the problem may be. It may be that they haven’t actually been able to send you up for approval yet. If this is the case, then they can usually help. There are other factors that can cause you to be denied the loan as well, but you can usually determine what is holding you back if you take a closer look at your application and talk to the professionals about it.