Who is eligible to apply for a loan?
Any federal employee who at the time of application for the allotment has an active employment status and a valid allotment authorization. Some conditions apply to eligibility such a financial requirement.
How much can I borrow?
Employment status, the ability to repay, and the eligibility criterion determines the loan amount. Usually they average between $500 and $3000; however, they depend with the customers’ credit limits & borrowing capacity.
How can I apply for a Federal Employee Loans loan?
Use our online application form to fill in the information about yourself; employment details, and a power of attorney to deduct allotment repayments from your paycheck. How soon can I get these loans?
How quickly will I receive my loan?
Loans are usually processed within 24- 48 business hours upon approval to enable you cater for your financial needs. When and in what manner will I come to learn that my loan applications have been approved?
How and when will I know my loan has been approved?
You’ll be notified through an email or text once your payment has been approved. Also, the updates can be viewed via your online account at our website.
How will I receive my loan?
The loans are processed and deposited directly into the borrower’s bank accounts to increase efficiency and easy access to the loan.
How will I repay my loan?
Payback is made through payroll deduction, this way; you are assured of regular deductions from your paycheck without the need for additional action.
Can I apply for an additional loan after I get my first one?
Yes, it is possible to request further loans on successful payment of the initial loan depending on more conditions of the particular firm.
Can I change my mind after receiving a loan?
Yes, you may cancel with in the rescission period which is stated in the loan agreement by repaying the amount received with respect to the loan.
How does the application process work?
Fill an online form; submit records of employment, agree to have wages garnished, and wait for affirmative response. It is distributed a posteriori and as funds are authorized by the programmer.
Does Federal Employee Loans serve military customers?
It depends on the essential prerequisites and the allotment of the candidates, the military personnel with active duty can enlist as well.