WASHINGTON, D.C. — Did you know that the Department of Veterans Affairs has paid out more than $6.7 million across 10,000 loans since mid-May 2021 through Instant Loan Approval, a feature that automates the loan approval process for Veterans? This program offers eligible Veterans the option to borrow the cash value of their VA-administered life insurance policy by streamlining the online loan request process and offering a quick automated decision. Loan options are available for the following VA-administered programs: National Service Life Insurance, Veterans’ Special Life Insurance, Veterans’ Reopened Insurance and Service-Disabled Veterans Insurance.
The Department of Veterans Affairs is modernizing its efforts to include an instant loan approval feature in its approval process, said VA Insurance Executive Director Dan Keenaghan. When a Veteran with an eligible life insurance policy holding cash value applies and is approved for a loan online, the payment is deposited directly into their bank account within two to five business days, which is helpful in times of need. The VA is working to improve the customer experience and make it easier for Veterans to access their benefits. The new Loan Guaranty program will help ensure that Veterans have the resources they need when they need them.
The Veterans Administration has many different programs to help veterans, and one of the services they offer is insurance. They have an online application process that is fast and secure, and they also have a phone center where you can ask questions and get help with your application. This year, they have seen a big increase in the number of people using their online loan tool, and more than 41% of requests have been processed using the Instant Loan Approval feature. This is a great way to get your benefits faster and more securely, and it’s something that all veterans should take advantage of.
Learn more about the Veterans Administration and all the services they offer by visiting their website today.
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