Military Loans

Military Loans are personal loans designed exclusively for service men and women of all ranks (soldiers and officers alike), who serve in all branches of the United States Armed Forces, like the Army, Navy, Marines Corps, Coast Guard or the Air Force.
These loans are usually small to medium-sized, ranging between $500 and $10,000 in most cases and they are generally short term in nature.
The maximum amount that a new applicant can borrow from the company can be determined by the potential ability to successfully repay the loan, the current income level, accumulated debts, credit history and various other factors.

However, it’s important to remember that even borrowers with bad credit are eligible for a loan in many cases and the reason is quite simple.
Military lenders look at every application individually on a case-by-case basis and take other factors beside the actual credit score under close consideration.
Many of them understand the types of challenges that naturally come with military life which often include multiple deployments, frequent moves, intense training, etc.

Who Can Apply?

It changes from one lender to another, so it’s important to thoroughly read the eligibility criteria and application requirements on each website.
Generally, the target audience of military lenders is:

• Active Duty Military Personnel
• Full Time Active Reserve Personnel
• Career-Retired Military Personnel
• Department of Defense Employees

Common Military Loan Uses

A borrower can use the loan for any legitimate purpose without restrictions.
Here are a few popular uses:

• Debt Consolidation
• Emergency Expenses
• Furniture
• Education
• Travel and Vacations
• Car Repairs
• Computers and Electronics
• Cosmetic Surgeries
• Home Improvement
• Jewelry
• Moving
• Cash Advance
• Wedding
  
  

How Fast Can You Get Approved?

Many military loan services work quickly and offer near instant approval, which means that their credit decision can be given to the customer almost immediately, within seconds, minutes or a few hours at most, usually by email.
Working with companies that are able to review your loan request the same day is a huge advantage that can save you a lot of time and hassle.
It means that the whole cycle, that includes completing an online application, being approved, processed and even getting the actual funding can be finalized within one day.
These quick money transfers and direct deposits often allow the borrower to get the money he needs in 24 hours, something that can be quite useful.