As a police officer, you are in an exciting and sometimes dangerous environment. Because our friendly helpers take care of law and order. Unfortunately, the payment is only partially adapted to the performance of the police officers. And this despite the fact that they are part of the public service. Police officers have various financial advantages in private. For example, if you want to take out a loan for police officers.
For example, a police officer is considered to be almost non-resignable if he has achieved official status. This advantage ensures that the workplace is classified as safe by the banks and savings banks when borrowing, which means that special offers are made when borrowing.
These advantages are evident when taking out a loan for police officers
A loan for police officers is mainly characterized by a particularly low interest rate. This is often combined with a long term, so that a loan taken out can be repaid in very small installments over many years. The monthly financial burden of the loan is therefore relatively low.
In addition, police officers’ credit can be linked to life insurance. As a borrower, you not only secure the loan, but also your own future. Even if life insurance is currently not particularly attractive, you can still use it if it is offered to you almost free of charge. In addition, the repayment modalities can be organized quite flexibly, which promises additional financial scope that should not be underestimated. Among other things, free special payments and thus early repayment of the loan are possible.
Where can the loan be taken out?
As a rule, the loan for police officers functions under the generic term “official loan”. Many banks and savings banks offer such an official loan. They are always happy when they can count an official among their customers because there are hardly any difficulties with repaying loans.
Many police officers first ask the house bank for a suitable loan. They hope for the best conditions there. However, this does not necessarily have to be the case. Because every other bank that offers official loans will be able to make a good offer. It is therefore worthwhile to compare the different offers in advance in order to be able to work out the small but subtle differences and to find the offer that best suits the project.
What about a classic installment loan?
Since civil servants generally have a free hand when it comes to taking out a loan, a classic installment loan can also be used as a loan for police officers. Every bank that sees on the loan documents that the borrower is an official will create a correspondingly favorable loan offer. And so it can happen that the traditional installment loan is just as cheap as the special civil servant loan. A comparison in this direction can also be worthwhile.
Does an official need a guarantor?
Officials are not immune from getting into financial difficulties. Even if income is stable and paid on a regular basis, it happens again and again that officials miscalculate financially and therefore have money problems. This is possible for police officers as well as for a clerk or a teacher. If these money problems have already been reflected in the Credit Bureau, even civil servants will have problems with borrowing.
To ensure that these problems do not necessarily lead to the refusal of the loan, a guarantor should be consulted for admission. With his hopefully good credit rating, he secures the loan and makes the loan a reality for police officers.
In the case of officials with a good Credit Bureau, however, a guarantor is only required in very rare cases. Many banks only request this for very high loan amounts in order to have a second contact in the event of financial difficulties. Otherwise, officials can get their loans without a guarantor or second borrower.
What could a police officer loan look like?
If you believe the statistics, police officers take out an average loan of around 40,000 USD. This will be repaid within 84 months. According to statistics, the average annual interest rate for such an offer is 5.8 percent.
Of course, significantly higher loan amounts or small loans are also possible. This example is only intended to give a small overview of the possibilities. In the best case, a comparison is used to test which loan amount would be possible on what terms.