Military Lenders Loans

Are you a serving or retired military personnel and do you require a personal loan? There are numerous lenders who provide loans to military personnel. These lenders offer loans called military loans, designed for serving and retired members of the Army, Navy, Air Force, Marines, and Coast Guard and also to the members of the National Guard and Reserve and to the employees of the Department of Defense. Getting a military lender loan is a relatively easy process without the hassle of processing much paperwork. Most military lenders give you the option to apply for a military loan online. Hence, you can process the loan application without visiting the offices of the lender.

Military lender loans are a boon for many military personnel who are unable to meet the rising cost of living. Most lenders offer loan amounts ranging from $500 to $20,000. Loan rates range from 6% to 36%, depending on your credit rating. Interest rates may vary depending on factors like credit history, military rank, years of service and debt-to-income ratio. The loan amount can be repaid in installments usually within 36 months enabling you to manage your finances. Some military lenders also give you the option of paying off your loan in full, with no penalty and at any time you choose.

Eligibility Criteria

The following are the criteria to be met to be eligible for a military lender loan:

  • You should be a serving or retired member of the Army, Navy, Air Force, Marines, Coast Guard or National Guard.
  • Any bankruptcies you may have had must be discharged.
  • You should have at least 15-18months remaining on your tour of duty.
  • You must have a valid email address.
  • You must demonstrate the capability to repay the loan amount within the specified time.

Documents Required

The military lender checks out each application for military-specific information. He would require a copy of the service personnel’s military ID and most current Leave and Earning Statement (LES). Some lenders might do a credit check before giving approval.

Repayment of military loans

Military lenders usually provide various options for you to repay the loan. The most commonly used options are by Electronic Funds Transfer (EFT) and Allotment. In EFT, the money is automatically withdrawn from your checking account. In allotment, the amount is automatically deducted from your paycheck.

The advantages of military lender loans

Taking a military lender loan will help you in meeting the unexpected expenses that pop up. There are various advantages when taking a military loan such as:

  • You can avail of this loan irrespective of your division, class or rank.
  • You can get competitive rates and flexible terms and conditions from many of the military lenders.
  • The application process is relatively simple and there is no extensive paperwork involved.
  • You can get the loan amount usually within 24hours on any business day from receipt of your completed documents.
  • There is no need for security or collateral.
  • Some military lenders offers a 15-day no-cost return guarantee if you are not satisfied.

When getting a military lender loan, make sure you review the loan documents carefully and see that they are signed correctly wherever required. Getting a military lender loan will enable you to meet the necessary expenses without much delay.

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