Why You Should Get An Allotment Loan In Case Of An Emergency

Don’t have an emergency fund?

Apply for an allotment loan with us. Read on for the benefits of choosing allotment loans in an emergency!

Why Allotment Loans Are A Great Option In An Emergency?

Emergencies are an unavoidable part of life. You are told to prepare for emergencies by starting an emergency fund. However, if you don’t have the financial freedom to start an emergency fund yet, a smart option for federal employees is an allotment loan.

What Are Allotment Loans?

Allotment loans are a type of loan made for federal employees. This type of loan is available to federal employees with bad credit. It doesn’t require collateral and has fixed interest rates and payment terms. In an allotment loan, the borrower has to allot an amount of their paycheck as payment. As such, the payment is automatically deducted from their paycheck every month until the amount is paid off completely.

Allotment Loans For Emergencies

Unlike traditional loans, allotment loans from us can be used on any expenditure. Borrowers are not required to declare where they will use allotment loans. Thus, others have used their allotment loans to potentially improve their credit score or start an emergency fund. However, allotment loans are a great option, too, in case of an emergency that requires a large sum of money. 

Benefits Of Choosing An Allotment Loan

1. Easy Qualification

Applying for various loans is difficult when you have a bad score. It’s easier to apply and qualify for an allotment loan with us. There is no need to put up collateral or show your credit score. You only need to submit identification requirements.

2. Flexibility

You can use allotment loans for any purpose—you can cover any type of emergency expense without fuss. You don’t need to declare what you need the loan for. You can also apply for larger amounts.

3. Fixed, Low Interest Rates

We offer allotment loans at fixed, low interest rates. Interest rates will not hike up later on, and you don’t need to worry about additional costs.

4. Manageable Payment Terms

You have the option to pay off your loan in a short period, with higher salary deduction, or in a longer period, with more manageable salary deductions. These are meant to ensure that the loan remains manageable and minimize missed payments.

5. Helps Improves Your Credit Score

The average credit score in the US today is 703. If you’re not part of that, allotment loans can help you improve your credit score. We do not pull up borrowers’ credit score. However, consistent payment will contribute positively to your credit score since we do report payment history. 

Apply for an Allotment Loan here.

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