Personal Loans for Members of the Military

Attention Troops! Are you Looking for a Military Personal Loan?

If you are serving in the military you can get a personal loan specific to military personnel. It is understood that service in the military does not pay huge salaries. Families are often kept apart for months to years on end. You want to have the peace of mind that your family is well taken care of financially while you are serving your country. That’s why a military personal loan can help your family meet their financial requirements while you’re away.

The biggest difference between military personal loans and loans for non-military personnel is that a military loan application can be filled out from wherever the military serviceman or servicewoman is. Obviously the mobile career of a member of the military can make it hard to secure a traditional loan.

A handy way for military personnel to apply for personal loans is using an online loan application. A military man or women can do this from wherever they are stationed, as long as they have Internet access. All they have to do is download the loan application, fill it out online and hit send to apply electronically for a loan. If they are approved for the loan, they will receive their funds just as easily – the loan amount can be made available to them online, so that they have the convenience of accessing it from wherever they happen to be stationed via an electronic account. Better yet, they don’t have to worry about changing all of their personal information (address), every time they are stationed elsewhere.

What are the benefits of applying for a military loan online?

• Online applications are 100% secure; however be sure to check for the secure privacy certifications of a website before entering any personal financial information online.
  
  
• Regardless of your military rank – there is a military loan for every member in the service.
  
  
• Military loan consultants are available to help military personnel fill out their loan applications.
  
  
• Military personal loans tend to carry much lower interest rates on the loan amount; compared to traditional, non-military loans. Even military men and women with bad credit receive competitive interest rates on their borrowing amount.
  
  
• Military loans offer a more flexible repayment schedule compared to non-military personal loans. For instance, the borrower will set their own monthly payment dates, so if the serviceman or woman gets paid on the first and 3rd week of every month, they can set their payments to come out on those exact dates. A military loan is much more flexible in this regard.
  
  
• If a member of the military requires just a bit of cash to tide them over until their next paycheck, they can apply for a military payday loan, or cash advance. This type of loan carries far lower interest payments compared to non-military cash advances.
  
  
• Retired members of the military with lengthy (20 or more years of military service) can also benefit from military loans.
  
  
• There are typically zero upfront fees when you apply for a military loan.
  
  
• Military loans have the rare advantage of allowing the borrower to cancel the loan within 15 days of his or her borrowing approval – unlike traditional non-military loans.
  
  
• The repayment schedule is the most flexible in existence. The borrower sets the date of payments, and payment withdrawals are made via your electronic account – which makes it convenient and difficult to miss payment dates.
  
  
• Military personnel with bad credit are typically never denied loan approval.
  
  

Military personnel loans can be used for the following financial purposes:

• To buy a home
• To finance a second mortgage
• To purchase a reliable vehicle
• To help pay off the balances of existing loans
• To finance a small business
• To purchase household furniture or appliances
• For other larger vital purchases

Types of Military Loans

Loans for military personnel are specific to the needs of service men and women. The different types of military personnel loans are as follows:

1. Military Career Service Loans – are available to military servicemen and servicewomen in the event that they want to pursue higher education or career advancement. A military career service loan will fund up to $6,5000 in educational career advancement.
   
   
2. Military Leadership VIP Loans – Specifically available to military personnel serving as offers, a military leadership VIP loan will lend up to $5,000 and has a low interest rate.
   
   
3. Senior Military Leadership VIP Loan – This personal loan is meant for senior servicemen and women, and lends up to 10,000 with low interest payments.
   
   
4. Premier Military Loan: This loan was designed specifically for general servicemen and servicewomen, it is not available to military officers. This personal military loan lends up to $7,500 and carries a low interest rate.
   
   
5. Military Relief Loans – Typically offer loans of up to $1000 to help military families in times of natural disasters. For example military families that experienced property and financial loss during the Hurricane Katrina disaster might use a disaster military relief loan to help repair their home, property or to purchase a new vehicle.
   
   
6. Military Bereavement Loans – Are offered to military personnel and their families during times of family emergency and death. They give the family time off work so they can have the proper time to grieve. The terms offered on a military bereavement loan are 90-days in length. They are also interest-free, and come to the aid of military personnel and their families should a loved one die or a military spouse be left widowed.
   
   

How to Qualify for a Military Loan

To qualify for one of the above mentioned military loans, you must be:

• A military officer, senior serviceman or women or general service man or woman on active military duty.
• A member of the reserve personnel, on full time, active duty.
• Past military personnel who served at least 20 years, but is now retired.
• A serving member of the Department of Defense

We’ve already established that it’s most convenient for members of the military to apply for a loan online. Once you apply for a loan online, here is what will happen:

• If your loan is approved, it will be quick. A military loan is typically approved at the end of the business day in which it’s processed. This can take between 1 and 3 days.
• Once your military personal loan is approved, you will receive your funding within 24 hours.
• The loan amount will be electronically deposited into your bank account.

Further Facts about Applying for a Military Loan

• Military loans don’t disparage between ranks. If you are military personnel you have access to loans ranging from $500 to $ 10,000.
• Like a non-military loan your loan amount will be determined by your credit score (or credit worthiness). If you have bad credit or a lot of outstanding debt you may be limited to the amount of money available to you via a military loan.