Another Benefit for Military Personnel
Another incentive to join up!
Thinking of joining the military? Pay attention, because when you’re in the military, you can be approved for short term loans (payday loans for those in the military) even when traditional banks will not lend to you. Military loans are designed exclusively for those who serve in the military, regardless of the division they serve in. With this benefit, you won’t have to run around trying to get your hands on some much-needed extra cash. But please, do not join the military just to get a loan. If that were your only reason for signing up — well, let’s just say you wouldn’t last too long in the service!
Why is this benefit available?
Enlistees look for incentives in addition to their regular salary. These loans fill that need. They’re readily available online, which makes them accessible from wherever you ‘re stationed, anywhere in the world. The loans range from $500 to $10,000, which you can use for any purpose, from home renovation, auto loan, or weddings to payment of long-standing debts. No collateral is required and the loans are available to all who serve in the military, even those who have bad credit.
Who is eligible?
Anyone who currently serves in the active forces is eligible to apply for a military loan. However, if you are retired or have transferred to the reserve forces, you are not eligible for these loans. Once you have applied, you can be approved in as little as 24 hours. To apply, it does not matter where you are stationed, but you must have a permanent address in the United States for the loan to be approved. So, if you have a spouse or other family in the States, you cand use that address.
How do I apply?
You can apply online at one of the many sites that offer this service, and your application can be approved within 24 hours . Once approved, your money can be transferred to any bank account you may have, either in the States, or where you are stationed. You may also request a check to be mailed to you at the Army Post Office.
Is my personal information secure?
When you apply online for a loan, your information will be safeguarded in accordance with military loan privacy policies. In addition, there are no prepayment penalties for military loans. When applying, you must provide details of when you joined the service, your unique military service ID, as well as a few other personal details.
How much can I borrow?
Military loans are calculated according to your rank and length of service. Officers are eligible for higher amounts than enlisted personnel, but if you are an enlistee and have served longer than an officer, you may end up getting the same amount as the officer. It all depends on your particular situation. Payments on the loans can be directly withdrawn from your bank account, which helps to minimize the risk of default. This easy and secure repayment method is one of the reasons so many private institutions and banks offer military loans.