Federal employee installment loans constitute a class of loans where US Federal government workers borrow money and repay it in installments out of their paychecks. The lenders see the job security of federal workers as a guarantee that the money can be paid back.
As a result, this kind of loan does not include bottlenecks such as collateral, FICO credit checks, and elaborate documentation. Thus, they help to save a lot of time in times of financial emergencies.
Another benefit of installment loans is that they usually assist federal workers with bad credit in repairing their credit since the lenders report repayment to the major credit bureaus.
Here Is An Exhaustive List of Brands Through Which US Feds Can Access Installment Loans
1. BMG Money
The unique marketing strengths that BMG Money appears to bring to the table are ease and speed. The application form is online and can be filled out on any device. Also, installment loans are generally approved in less than 2 business days, and funds can be wired to a borrower’s account instantly once approved.
BMG Money’s rates range between 16% and 36%. And, the payment terms range between 6 and 36 months.
2. Federal Employee Loans
Among other things, Federal Employee Loans cater to the installment loan needs of US federal workers and employees of the United States Postal Service (USPS). This brand grants loan amounts of between $500 and $3,000, which can be repaid between 6 and 12 months.
This loan brand also promises a speedy process. The application is online and instant funding is available after approval.
Among all the brands offering installment loans to US feds, Kashable offers the lowest rates that we could find. It could go as low as 6% APR, especially for people with high FICO credit scores. Those with poor credit scores should expect higher rates, although not as high as most of Kashable’s competitors.
4. Federal Employee Education And Assistance Fund
The Federal Employee Education and Assistance (FEEA) Fund is more like a charity dressed in the garments of a lender. The loan brand caters to US federal employees who find themselves in emergency tragic situations such as accidents, sudden and serious ill health, sudden home loss, bereavement, and more.
FEEA loans attract zero interest. However, they may not be used for any other purpose other than the one for which they are granted.
4. Coast 2 Coast Lenders
Coast 2 Coast Lenders exist to grant installment loans to qualifying US Feds and USPS workers. With them, you can access between $600 and $3,000. They also promise rapid processing of loans to prospective borrowers.
5. Workplace Credit
Among other loan plans, Workplace Credit offers installment loans to federal workers in the US. Their loan recipients include postal and military workers. Their loan amounts range between $2,000 and $6,000 at the rate of 20.99% APR and are repaid over a term of between 12 and 36 months.
As its name implies, OneBlinc prides itself on offering one of the fastest services when it comes to installment loans for federal workers. All you need to do is to create a profile with your email and get a password. Then, you connect to your bank and submit an online application.
Once approved, your loan amount can be in your bank account the same day. OneBlinc reports your repayment to the major credit bureaus, which helps to repair bad credit.
WeLoans awards loan amounts of up to $5,000. Among other loan types, this brand offers installment loans to federal workers with bad credit.
That’s all we can offer for now. Keep checking back as we’ll continue to update this list with new entrants or new discoveries.