Military Loans - Serving the Financial Need of Those Who Serve

Military loans are tailor-made for service members in need of financial relief or a large-ticket purchase. These loans are available for active duty and retired career service men and women. They are often used for debt consolidation, tuition for higher education, home improvement, a new vehicle or other personal reasons. Interest rates are somewhat lower than personal loans made to civilians, are flexible in their set up and are easily approved.Assessing Qualification and NeedPrepare yourself before you set about applying for a military loan. You will need military identification to prove your name, age, rank, salary, length of service and social security number. You should have an active bank account, a checking account with direct deposit is preferred. Proof of residence is also required, this can be a utility bill with the same address as your banking account or something similar.With the variety of lenders you are bound to find a plan to complement your rank and financial situation. Most military loans can be granted without any collateral, or valuable property, to secure the loan. That is, property that the lender could seize and sell to cover the cost of the loan should you default. Nor do they carry high interest rates and they can be paid off early without incurring any fees or penalties. Military loans can range in amounts from $500 to $10,000.Role of Credit HistoryThough they will not play a large part in the approval process, you should have your credit reports on hand. These reports, your credit history, could be helpful. If they are not so good, they will not be used to disqualify you, but they certainly will not hurt if they reflect you having a mature and responsible approach to credit. If you pay back this loan according to the contract, it will help you boost your credit history if it is not sitting quite where it should be. Thus you have another advantage of a military loan.Searching For Military LoansAs a military member in search of a financial infusion of cash for debt relief or to purchase a large-ticket item, you might want to avail yourself of the various counseling and aid organizations available to military personnel and their families. They should be able to point you toward a trustworthy lender.Another option would be to start a search on the internet. Simply point your browser to Military Loan. You will be presented with scores of lenders willing to offer you a military loan. Once you have narrowed the field to five or six lenders that can offer you the best interest rates and the best repayment terms; ask for bids.Watch for FraudWhether they have set up a bogus website or are just offering usurious rates and fees, look out for scam artists. Check online listings for the Better Business Bureau. There you should be able to find a grade for each lender as well as customer feedback. You can also check personal finance forums to see if any other borrowers have had a bad experience with certain lenders. Many lenders who purport to make compassionate military loans should be scrutinized. Be sure any web page on which you divulge financial or personal information is secure.Application and ApprovalMost online application forms are easy to complete and you should usually have approval within minutes. Once your application is approved you should have your loan money in your bank account within 24 hours; sometimes it does not take that long.