People think you only take a loan to enable you to further your education. This isn’t so in most cases, as you can take loans for various reasons.
One such loan 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.
Table of contents
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 graduation, 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, having no collateral before accessing this career starter loan would be best.
Check out: Bank of America Student Loans: Refinancing and Alternatives
Things I Can Use My USAA Loan for
This kind of loan 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 get a career loan is easy. The following steps will guide you.
Before applying for the career starter loan, ensure you look out 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 to transfer your military pay directly.
#3 Apply for the USAA Loan
You can either log on to www.usaa.com/inet/wc/career-starter-loan or put a call to this toll number 800-531-4610 to establish the loan process.
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Who Isn’t Qualified for this Loan?
Aside from not being a military officer, the 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 a loan.
- Those who think they might not finish up their military course should also not take the loan. They might have to pay immediately or face a higher interest rate if they don’t.
Final Thoughts
One of the beautiful things about this USAA career starter loan is that the payments are delayed till 6 months after the graduation date, just as it is free of $775 cash flow monthly.
Also, it can quicken your startup as a new military officer.
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