All about military personal loans
Military loans are quick cash loans available to servicemen and women. To qualify for military personal loans, you need only to be on active duty with any branch of the United States Armed Forces. Military loans are available both through traditional brokers as well as online.
The Advantages of Military Loans
Getting small-sum military payday loans or larger military auto loans is much easier than it is to borrow money from a traditional bank. Because both your employment and your paycheck are backed by the U.S. federal government, and your job security is not in question, you're seen as a very low-risk borrower.
In addition to fast and easy loan application approval, military car loans and personal loans are usually offered at more advantageous interest rates than typical bank loans. This is partly due to courtesy; military loan lenders are giving you a break in recognition for your important contribution to American society, but it's also because you don't present much risk.
Military loans can also be repaid via discretionary allotment, meaning your paychecks will be docked in installments until you've paid back the principal and interest on the loan. You don't have to worry about remembering to make payments – it's all automatic.
How to Apply for a Military Loan
Pioneer Military Loans is the nation's preeminent military lender, but there are many other options available online. Applications for military loans can be filled out online; you'll have to provide proof that you're currently serving with a branch of the U.S. Armed Forces in addition to the standard loan application information.
In most cases, your loan will be approved within 24 hours. If you're requesting a larger sum, as is the case with military auto loans, the approval process might take a little longer.
Regardless of the lender you choose to deal with, you should not be asked to pay any upfront fees. There are enough military lenders out there who don't charge you anything up front, so you have no reason to do business with a lender who does.
Using your status to make wiser financial decisions is just one of the perks you're entitled to for the sacrifices you've made. As a member of the U.S. military, there's no reason you ever need to feel a financial squeeze.