Online Loans for Federal Employees
Installment loans are loans paid back in increments, usually once a month. Their terms are usually for a period of several months or even years. In that way, they are different from payday loans, which you pay back in full after two to four weeks.
Being longer-term loans, installment loans also typically have bigger loan amounts. Their interest rates are also lower than payday loans.
Furthermore, some types of installment loans are specifically for federal or government employees (also known as “allotment loans for federal government employees”). They have lower interest rates compared to standard or general bank installment loans. Here are some of them that you can rely on in case you find yourself low on funds.
Allotment Loans for Federal Employees
Government employees can use personal installment loans for almost anything, like house payments. Most banks and online lenders offer these programs.
With banks though, the usual hard credit checks and procedures apply. All these can make the process more time consuming and inconvenient.
Whereas online lenders often only perform soft credit checks. This then allows lenders to qualify applicants faster and with fewer requirements. Plus, soft credit checks have little effect on credit scores.
Personal loans for government employees with poor or bad credit can be a lifesaver in case of emergencies. Like with bad credit military loans, lenders don’t prioritize a borrower’s credit score. Instead, they look more closely at the loan applicant’s ability to repay the loan.
Note that these loans do have higher interest rates. However, they may be a good option in case of a serious financial pinch.
A personal installment loan program, where you can borrow from $2,000 up to $5,000, at an interest rate of 20.99%, repayable over a period of 12 to 36 months. Please note a 4% origination fee will be charged with each installment loan.
Our Federal employee loan is a lifesaver! Get an emergency loan of up to $1,500 (minimum loan is $500) at an interest rate of 29.99% with no origination fee and repayable over a period of 6 to 12 months.
Hardworking employees are more than just a credit score. We do not pull your credit or verify FICO score at the time of application. On the contrary this could help your credit as long as payments are made on time – we will report payments made to the top 3 credit bureaus.
A loan example: A $3000 loan with a finance charge of $267.02, and amount financed of $2,925, repayable in 26 bi-weekly installments, and an interest rate of 12.6% would have an APR of 17.84% and bi-weekly installments of $122.77.
Fixed simple interest rate ranging from 24.00% – 35.99% per year and a one-time fee ranging from $0-$59 may be added to the loan (interest rate and fee are dependent on applicant’s state of residence).
1) Applicants must reside in one of the following states Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Montana, New Hampshire, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Washington DC or Wyoming.
2) currently employed by the federal government,
3) and a minimum of one full year of employment. Repayment will be made through allotment installment payments. For example, in Florida a $2,000 loan with a one-time fee of $25 will be repaid through 25 bi-weekly allotment installment payments in one year, will have an APR of 32.22% and a bi-weekly allotment installment payment of approximately $95 with a total payback amount of approximately $2,375. Other terms and conditions may apply including, but not limited to loan execution date, allotment schedule, income, state of residence, etc. Not all applicants will qualify for a loan. Approval time may vary depending if additional documents are requested.
- Installment loans from $1,000 up to $3,000
- Combine with any allotment
- Affordable bi-weekly payments via Allotment
- Rapid processing & approvals
- Limited Requirements
- Receive funds directly into your checking account
- Ability to refinance
In order to be eligible for a loan the federal employee must have suffered one of the following hardships within the six months preceding the loan application:
- Severe illness, injury, or dental emergency of employee
- Severe illness or injury of immediate family member
- Death of employee’s immediate family member
- Major loss/damage to primary residence due to disaster such as fire, flood, hurricane
- Victim of domestic violence with immediate need for safe housing
- Victim of violent crime
- Victim of identity theft
Eligible Loan Expenses:
Approved loans will be disbursed by check, made out to the creditor and sent to the employee for delivery to the creditor.
- Rent or mortgage payments
- Home utilities (gas, electric, phone)
- Funeral expenses
- Out-of-pocket, uncovered medical expenses
- Emergency travel expenses
- Temporary lodging due to natural disaster
There are two types of allotment loans which are available to federal employees.
Discretionary allotment loans: This type of allotment loan is one in which the borrower can designate a certain amount of money to be taken automatically from the borrower’s paycheck. They are typically allowed for any purpose, such as paying monthly bills. A discretionary allotment loan can begin and end at any time.
Non-discretionary loans: This type of allotment loan is similar to the discretionary loan in that you can have a certain amount of your paycheck designated to the purpose of the borrower’s choice, except in this case, the allotment can not begin and end at any time
These allotment loans are planned between the borrower and the lender. This type of loan is easy for Federal government employees to qualify for, even in cases where they have a poor credit record. This is because repayment is guaranteed so long as the borrower is employed by the Federal government. To facilitate repayment, allotment payments are divided between the borrower’s paychecks.
Federal Employee Payroll Deduction Loan
Allotment loans for government employees may have some advantages.
Small loan amounts: Allotment loans can cover whatever small amount an employee needs. This can be anywhere from a few hundred dollars to a few thousand.
Easy to qualify: More than 43 million Americans have a credit score lower than 599, which is considered a bad credit score. A low credit score can make it very difficult for people to obtain traditional loans. Allotment loans can allow government employees with poor credit scores access to the money they need.
Fast approval: When government employees need money fast, such as for a car repair or medical emergency, they don’t have time to wait around for a lender’s approval. Government employee allotment loans have a fast approval process. Typically, an employee can qualify for a loan in just a matter of minutes.
Simple requirements: Installment loans do not require employees to fill out a lot of paperwork or provide a lot of documentation. Providing the employee is 18 years or over, a U.S. citizen and has a valid bank account he or she is good to go.
Short payment plan: Government employees who take out an installment loan do not have to worry that they will have to take years to pay back the loan. Installment loans typically have a short payment plan which enables borrowers to see the duration of payments when they first sign up, so the end is always in sight.
Spending freedom: When government employees apply for an installment loan, they do not have to explain what the money is for. This means the loans do not have to be spent on specific things. It also allows borrowers to know that their loan is completely confidential.
Useful for emergencies: When unexpected expenses crop up, government employees can use an installment loan to carry them through, even though they have no safety net in the bank.
Reliable interest rates: Because allotment loans have fixed interest rates for the term of their life, this means that the borrower has no need to worry about the rate being hiked up before he or she has repaid the loan. Borrowers know exactly what to expect each pay period. This means employees feel completely in control of their budget.
We give hardworking USPS employees access to high-quality loans
Our online application can be completed in as little as 5-10 minutes. Funds can be deposited into your account within one business day when we have received all information, including a confirmation of your direct deposit.
If you’ve been at your job for six months or longer, and live in a state we serve, you may qualify for a loan.
Our Customer Care team in Dayton, Ohio has helped thousands of people get the funds they need. Give us a call or email anytime.
Payroll allotment is a specific amount automatically deducted from your paycheck and electronically deposited to your savings or checking account. Allotments are an excellent way to “pay yourself first” and build a savings account because the funds are deducted before you receive your paycheck.
No credit check loans for federal employees
To begin or change an allotment, many federal employees may utilize Employee Express, available online at employeeexpress.gov. Please note your agency must subscribe to Employee Express for you to use this service.
Non-federal employees should contact their Human Resources or Payroll Department for information about the availability of payroll allotments.
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