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Military Loans With Bad Credit: Application Advice to Bear in Mind

Military members have not escaped the financial crisis. But with the benefit of high job security, getting military loans with bad credit is an easy solution to financial problems, if the application is in order.

The financial hardships that have affected such a large portion of the population in recent years is not exclusive to the civilian world. Military members have suffered too, with credit card debt, personal loan debt and the pressure to simply meet everyday bills, ensuring low credit scores are a reality for them too. In fact, seeking military loans with bad credit is normal practice.

Generally speaking, the terms of these loans are better than their civilian equivalent, but securing approval with low credit scores still requires some care in order to compile a strong application.

Ensuring no defaults, county court judgments (or CCJs) or even being behind in your loan repayments helps to secure approval on military loans, just as it does civilian loans.

Military Vs Civilian Loans

Of course, it is only to be expected that the terms available to applicants seeking military loans with bad credit are somewhat better than those offered to civilian loans with bad credit. But there are very clear reasons why this is the case.

The key is that job security is extremely high amongst members of the military. Their employer, after all, is the US government so the likelihood of redundancy or employer bankruptcy is practically nil. So, getting approval with low credit scores is no problem at all - the only real issue is income and affordability.

However, with interest rates charged on military loans low because of the lack of risk, affordability is no great problem either. Civilian loans, meanwhile, are more expensive and harder to get approval on. And with higher interest rates, affordability can be a problem unless the right deal is found.

Required Qualifying Criteria

Qualifying for a military loan with bad credit is dependent on some obvious criteria, both basic and specific. The basic criteria relates to the age and nationality of the applicant, with the minimum age being 18 years old. Of course, as a member of the US military, the dual issues of nationality and job security are also looked after.

The other key issues relate to income and military status. Applicants must provide proof of military service such as a confirmed form of identification, details on rank and deployment history. There is also a need to have an active bank account into which the approved funds can be transferred, and from which repayments can be taken.

However, in order to seal approval with low credit scores, it is also necessary to show there is no history of a loan default over the previous 12 months, or any bankruptcy ruling over the previous 2 years. Even with military loans, the lender wants to know applicants have as clean a recent history as possible.

Finding the Right Loan

Despite the obvious advantages with securing a military loan with bad credit, it would be foolish not to shop around to find the best possible loan terms. In this regard, members of the military, home guard, coast guard and reserves, already have great options. But, like all financial products, securing the best loan terms often comes down to the lender.

Traditional lenders are worth considering, but more often than not the superior option is to be found online. Most online lenders offer a no credit check assessment process, so even with a terrible credit history approval with low credit scores is possible.

However, probably the best place to start the search for military loans is amongst military endorsed lenders. These are also found online, but if they have been approved by the military, they can be trusted. And with the risks that exist on the InternetPsychology Articles, that is an important factor to bear in mind too.

Article Tags: Military Loans, Credit Scores

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Lara Sawyer is the author of this article. She works successfully as a financial advisor with years of expertise on Bad Credit Loans Guaranteed Approval. She publishes informative articles about Guaranteed Bad Credit Loans, home loans, credit cards, auto loans, business loans and others at

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