Can A Federal Employee Get A Car Loan With Bad Credit?

Can A Federal Employee Get A Car Loan With Bad Credit?

It’s difficult to find a loan when you have bad credit, even car loans can get hard to get. So what happens when federal employees have car trouble emergencies?

We have good news! We offer emergency loans for federal employees which can be used for solving your transportation emergencies.

Can A Federal Employee Get A Car Loan With Bad Credit?

It’s difficult to find a loan when you have bad credit, even car loans can get hard to get. So what happens when federal employees have car trouble emergencies?

We have good news! We offer emergency loans for federal employees which can be used for solving your transportation emergencies.

What Is An Allotment Loan?

An allotment loan is a type of loan wherein the borrower “allots” a specific amount of their salary to pay for a loan. This means that the loan payment is automatically deducted from your salary every month (based on how often you get paid). Allotment loans are a special type of loan for federal employees. Federal employees have two types of allotment loans to choose from: discretionary and non-discretionary allotment loans.

Discretionary allotment loans allow the borrower to designate the amount of money to be taken off their salary as payment for their loan. The borrower also has the capacity to decide on an “end date” for the allotment period to ensure that the payments are manageable. Non-discretionary allotment loans, on the other hand, allows the lender to designate the amount to be taken off the borrower’s salary, as well as choose the “end date.” Regardless of the type of allotment loan you get, your loan payment will be deducted from your salary.

Using Allotment Loans

Allotment loans are made for the advantage of federal employees. One of its many benefits is that you can use it for any financial need. Therefore, although it is not specifically a car loan, allotment loans can serve as car loans for federal employees. Federal employees do not need to declare or explain what they use allotment loans for. How you use your allotment loan is up to you and will remain confidential unless you want to share the reason as insights.

Some employees have committed the mistake of taking on multiple allotment loans at a time and falling into a cycle of debt. Therefore, discretion in choosing a trust-worthy lender and applying or using allotment loans is highly advised.

Benefits Of Allotment Loans with Us

When you apply for an allotment loan from us, you can count on these benefits:

• Easy Qualification. The application requires only three steps and the most basic papers.
• No FICO Score Required. Your credit score will not affect your loan application.
• Reliable Interest Rates. Enjoy lower and fixed interest rates when applying for an allotment loan.

Simply apply for an allotment loan at Access Loans

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* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).