No Credit Check Military Loans: Financing Made Easy for Military Personnel
Military loans can be a financial savor for members of the military with very bad credit ratings. But no credit check military loans can make life a little easier, despite the compromises necessary.
There are numerous advantages to securing a military loan that requires no credit check, but it is important to note that criteria have to be met and compromises made too.
There is no doubt that financial matters are made easier, but with some limitations, higher interest rates and shorter repayment schedules, there are some aspects about personal loans for military personnel to keep in mind.
Why No Credit Checks are Possible
It might seem strange that lenders are willing to offer no credit check military loans, since the members of the military forces are just as susceptible to the effects of a poor economy as the rest of us. But there are some genuine reasons that justify such a policy.
Not least is the fact that the applicants in questions are essentially government employees, with the US government paying their salaries. Lenders are always concerned about their borrowers maintaining repayments, and an unexpected loss of employment can ruin those chances. But military loans that require no credit check are viable because redundancy is something that is not going to happen.
What is more, as long as the applicant has provided their bank account details, and allowed their automatic repayments to come directly out of their deposited pay check, the lender is fully confident offering personal loans to military personnel is a safe pursuit.
Advantages for Borrowers
For anyone who has a low credit rating, it is not hard to recognize the chief advantage of no credit check military loans. Basically, it means that credit ratings play no role in the application assessment at all, not even in influencing the interest rate charged. So, the monthly repayments are generally less.
While the rate may be higher than a traditional lender would offer someone with a relatively good rating of 700, it is much lower than what someone with a very bad rating of 400 would face. But there is more about with military loans that require no credit check.
For one, the whole approval process is much faster because the extra time to check the credit rating of the applicant is not taken. So, personal loans for military personnel can be applied for, approved and the funds deposited into their account in just 24 hours - and in some cases faster.
Criteria and Terms
There are criteria that every applicant needs to provide before they can qualify for a no credit check military loan. In truth, they are quite basic, with proof of age and income required, as well as military ID, rank and both deployment and permanent addresses. However, the critical piece of information is the bank account, and the fact that repayments can be made directly from it.
Exactly what type of loan is applied for matters too, particularly when it comes to the sum of money borrowed. For example, military loans that require no credit checks are similar to payday loans, which feature limits of $1,500. Repayment is almost immediate, from the next pay check.
Larger personal loans for military personnel can go as high as $5,000 with no credit check needed, though this does depend on the lender. Such loans can be repaid over a longer term, such as 6, 9 or 12 months.
However, with the convenience that comes with them, no credit check military loans usually need to be repaid quickly and feature higher rates of interest than normal loans.
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ABOUT THE AUTHOR
Joycelyn Crawford is the author of this article. For more information about Easy Loans for Bad Credit and Bad Credit Home Loans please visit her site http://www.easyloanforyou.com