Military Loans

What You Need to Know About Military Loans

It is not hard to guess what a military loan is really. It's a highly consumer oriented crediting system designed specially for armed forces. Most countries facilitate some kind of financial help to their military but most people find this to be of little aid, and have to turn to organizations for financial help.

In essence, military loans are sort of like credit unions. Credit unions give their benefit only to people who are eligible to join. They can be for residents of a particular are, people of a specific profession and so on. Military loans are only for military personnel, so they are highly targeted. As such, you have a better chance of getting a good deal if you are eligible, than if you go to a normal bank because the companies working with military loans have experience and influence in the area.

History

The way this idea started was that a young named Fred Nives was stationed in France and could not get a loan. He was young and therefore had no credit history. He swore he would help out his fellow men one day and that he did. Since then many more companies sprang up, but the same notion lives on in them, while Nives' original company, of which he is chairman, thrives.

Application

Applications can only be submitted by military personnel. Army, Navy, Marines, Air Force is eligible and even coast guards! You may even get a loan if you are a veteran or retired so the companies are generally truly customer oriented. All you need to do is fill out an online application with your rank, status, social security number, etc and "you're in".

Companies

A large portion of websites promise "apply now and get money tomorrow" and most of them, or at least the bigger companies make good on their promise. Militaryloans is a big site, the company itself is registered in Nevada and is regulated by the authorities. They promise good service and help even for bad credit report bearers. I would definitely go for them, as they specialize in military loans and have great experience in working with military personnel. This company offers loans from $5.000 to $10.000.

Militaryspot is also a big military lender and has a profile very similar to Militaryloans. It also offers loans up to $10.000 and offers a 15-day cancellation period and 24 hour service. All in all it is essentially the same, the profile of military loans doesn't really allow for huge variations.

Overview

I would recommend these big sites to any military personel, but also be aware that your local bank could also give you a good deal, and you can turn to many other sources too. Just because you were in the military doesn't mean you are obliged to go for a military loan. Depending on what you need it for, you might get better deals, so keep a sharp eye out.