Active-duty military personnel and veterans can get some financial reinforcements through a no-cost credit option offered by Zebit.
The deal is simple. Like regular credit options, you pay back your credit expenses overtime. The difference is that there are no interest payments or fees profiting off your credit use.
In a press release, Zebit CEO and co-founder Michael Thiemann explains that the company is providing $1,000 of no-cost credit to military personnel and retirees in order to give back to the armed services.
“Zebit helps the military community say goodbye to deceptive credit options and fight financing gimmicks that may have previously burned them,” said Thiemann. “Unlike expensive credit cards, risky rent-to-own services, and harmful financing alternatives, Zebit was created as a socially responsible platform that stands firm in never charging interest or fees. The number of military personnel in debt is troubling. With access to our solution, Zebit gives U.S. service men and women, along with their families, the financial stability they deserve.”
A recent survey conducted by Navy Federal Credit Union found that while military Millennials knew more about financial planning than civilians, they were more prone to skipping credit card bills and taking out payday loans to get by. This conclusion is supported by data from Veterans Plus and InCharge.org, which find that most veterans are living paycheck to paycheck and carry more debt than the average civilian.
There’s a need for a better financing option for the military community, and Zebit is trying to meet that demand. The program is still very new, so we’ll be watching to see how users respond to the program as it rolls out.
In the meantime, Zebit is donating $10 to Semper Fi Fun, Fisher House Foundation and Intrepid Fallen Heroes Fund for every registrant it gets in this program.