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People think the only reason you take a loan is to enable you further your education. This isn’t so in most cases as there are a variety of reasons you can take loans.
One of such loans is the USAA career starter loan. This article is a must-read for you if you want to know who is eligible for this special loan and what you can use it for.
What is the USAA Career Starter Loan?
This career loan is open to cadets, sailors, and official up-and-comers. The period at which these individuals get it vary.
While some get this loan a year before they graduate, other foundation cadets get it with little stress and even in their junior year.
To access the loan officer candidates must be within in few months of their allowing date to get it.
The highest loan amount is from $25,000 – $35,000 with their interest rates ranging from 0.5% – 2.99%.
Interestingly, there are no penalties for early repayment. Also, you need no collateral before you can access this career starter loan.
Things I Can Use My USAA Loan for
This kind of loan is one that should not be used to offset educational expenses. Hence, you can use the loan to do the following.
- Build emergency savings.
- Pay for military uniforms.
- Buy a car.
- Merge high-interest credit card debt.
How Can I Apply for the USAA Career Loan?
The application process to getting the career loan is easy. The following steps will guide you.
Before applying for the career starter loan, ensure you lookout for the most recent information as their terms and conditions are subject to change every year.
#1 Become a USAA Member
You can apply to be a member for easy access to the host of products and services that USAA offers.
#2 Open a Checking Account
Next is, setting up a USAA bank checking account for a direct transfer of your military pay.
#3 Apply for the USAA Loan
You can either log on to www.usaa.com/inet/wc/career-starter-loan or put a call across to this toll number 800-531-4610 to establish up the loan process.
Who Isn’t Qualified for this Loan?
Asides from not being a military officer, the set of persons in the list below are those who shouldn’t dare think of the USAA career starter loan.
- Those who fear being in debt.
- If you spend money on unnecessary things, you probably should not take the loan.
- Those who think they might not finish up their military course should also not take the loan. If they don’t, they might have to pay immediately or face a higher interest rate.
One of the beautiful things about this USAA career starter loan is that the payments are delayed till after 6 months after graduation date just as it is free of $775 cash flow monthly.
Also, it can quicken your start up as a new military officer.