Many people would be aware of loans such as mortgage loans, educational loans, personal loans, etc but very few of them would have heard of a military loan. The Abbey Military loan is provided as the name suggests by "Abbey" which is the sixth largest in the U.K. Apart from this, the bank also provides many other loans both secured as well as unsecured at a very viable rates of interest.
A separate Loan for Military Personnel
People in the military have a different and unique lifestyle. Being away from the family, they need to support their near and dear ones and meet their demands with the income that they earn. Most of the people in the military do not earn a very high salary in comparison to the people in their age groups in other industries. Even the growth rate and pay hikes are not as good as it is elsewhere. This makes it highly difficult for these military men to cater to all the financial requirements necessitating a loan for purposes such as buying a house, educating the children, etc.
Being away from the nitty-gritty of everyday life in the outside world, these people are very much unaware about how to handle their resources and ways and means to raise a loan by them alone. This causes them many a times to fall prey to taking up loans from some unscrupulous elements providing them at an extremely high rate of interest which works against these people. So a separate loan like the Abbey Military Loan is the easiest and simplest way to go to avoid such unpleasant circumstances. Being an unsecured loan, it is provided at a very low rate of interest that stands under eight percent. The total amount that can be borrowed through this loan comes to around 25,000 pounds that is definitely a good sum for a totally unsecured loan.
People with Bad Credit
With the kind of financial status many military people are in it is not uncommon to see many of them being refused credit by many lenders owing to their poor credit ratings. The Abbey Military Loan comes to the rescue of such people also by providing them a secured loan. This loan can be procured by providing security in the form of equity of their home. The maximum limit to which the amount can be borrowed is around ninety percent of the accumulated equity, with a total tenure anywhere in the range of fifteen to thirty years. Such loans are very helpful in meeting other financial commitments, education of children and sometimes to pay off accumulated bills. The only problem is that these personnel must have an asset such as home as this particular loan is only a secured loan and cannot be borrowed if such a security option is not present.
Abbey created this loan to be of financial assistance to the people serving the nation in keeping it safe. They feel that is a small service to such people who do so much for the country. This they feel is a silver lining to the lives of the military personnel who have to face up with so many difficulties in life. Keeping these points in mind, the Abbey military loan has been helpful to many a military personnel meet his immediate financial requirements.
