How to Apply for Military Personal Loans

Military personal loans are a form of payday lending for military members. In the past, military members were excluded from using their pay to secure a payday loan. Now, the market has opened up. You will find many options on the market to take a military personal loan, and the application process if fairly straightforward. You will need to present your military identification; this can be a DD214 for retired veterans or a statement of service for active duty service people. With this document and no credit check, you may be eligible for a loan.

Research Military Loan Lenders

There are hundreds of companies on the market that advertise as "Military Loan Lenders." Some may even have a name that makes them sound official or government-sponsored. First, no organization other than the Veterans Administration has the full faith and credit of the US government to assist with military loans. But, just because these other organizations are not federally backed does not mean they can't help. Consider the many types of lenders available, most who advertise services online, to start the process of applying for a military loan.

Research the Lender Carefully

Before going any further with your application, find out who you are dealing with. Ensure your lender has a hard address in the state where it claims to operate. Call the lender directly to ensure you can get in touch with them if you need to. You may consult with the VA to determine if there are any reports, positive or negative, on this lender. Ask your fellow service members for advice where possible. While many military lenders truly aim to help members of the armed forces, others are simply looking to earn a penny. Try to find a lender you trust.

Apply for a Loan

Once you find a lender you want to work with, the application process is relatively easy. Submit your proof of service and provide your contact information; most of this can take place online. Once the lender verifies your status in the military, you will be eligible. Military lenders rarely require credit checks. You may be asked to provide supplemental information in order to finalize the loan underwriting process, such as a verification of your income. However, on the whole, your application should be a one step process and take very little time to complete.

Negotiate the Contract

After the lender underwrites your loan, which can take place nearly immediately, you are eligible for the loan. The lender will make you a loan offer. You can sign the contract, or you can ask for the terms to be modified. This is where you should pay close attention. If you have any questions about the contract, ask. Ensure you understand your interest rate and fees. Make sure the lender's rates are consistent with the states maximum rates for payday loans. Finally, keep a copy of all your paperwork in case you need it in the future. Once you sign the documents, the lender will ask for your account information, and funds can be transferred immediately.

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