What is an allotment loan for federal employees?
An allotment loan is a type of loan available to federal employees, where repayment is automatically deducted from their paycheck through payroll allotments. It doesn’t require a credit check and is based on employment verification.
Do I need perfect credit to qualify?
No, our allotment loans are designed specifically for federal employees and are based on your stable employment rather than your credit score.
How long does it take to get approved for an allotment loan?
Approval is typically quick, often within 1-2 business days, as we prioritize employment verification over traditional credit checks.
Can I apply for an allotment loan if I have bad credit?
Yes, bad credit does not disqualify you from our allotment loans, as approval is based on your federal employment status rather than credit history.
How do I apply for an allotment loan?
You can apply directly on our website by filling out a simple application with your employment details and income information.
Are allotment loans available to all federal employees?
Yes, our allotment loans are available to all federal employees, including postal workers, military personnel, and government contractors.
How are payments made on my allotment loan?
Payments are automatically deducted from your paycheck via payroll allotments, which ensures timely and hassle-free repayments.
What is the loan repayment term for allotment loans?
Repayment terms are flexible and are typically aligned with your payroll schedule, such as bi-weekly or monthly deductions.
Can I get an allotment loan if I work for a federal contractor?
Yes, if you have a stable, long-term position as a federal contractor, you may qualify for our allotment loans.
Are there any fees or hidden charges?
No, there are no hidden fees. All fees and loan terms will be clearly outlined in your loan agreement before you apply.
Can I apply for a loan if I work for the U.S. Postal Service?
Yes, allotment loans are available to all postal service employees, including carriers and administrative staff.
What happens if I miss a payment?
Since payments are automatically deducted from your paycheck, missing a payment is unlikely. However, if there are any issues with deductions, please contact us immediately.
Can I apply for multiple loans?
You may apply for multiple loans as long as you meet the eligibility criteria and can manage the repayments.
How do you verify my employment?
We verify your federal employment status through secure federal databases, ensuring your information is accurate and protected.
Can I refinance my allotment loan?
Refinancing options may be available. Contact our customer service team to discuss your specific situation and see if refinancing is right for you.