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Military Personal Loan

Unfortunately the pay for many members of our nation’s military is very low. This forces many people in uniform to turn military personal loans to cover expenses or deal with emergencies.

A military personal loan is a short term high interest loan that has to be repaid very quickly. Such loans also called cash or payday loans are easy to get because they don’t require credit checks. Credit checks aren’t required because of the high interest rates charged.

Personal loan lenders target members of the military because they receive regular pay but are often short of cash. Such loans are usually designed to be repaid on a service member’s next payday, hence the term payday loan. 

How a Military Personal Loan Works

The way a military personal loan works is very simple, the lender loans a service member a small amount of money at a high interest rate. The loan has to be paid off very quickly so the lender will quickly get their money back at a profit.

A typical military personal loan would be $500 at 20-30% this doesn’t sound like much but the cost can quickly add up. The interest charges on this loan would be around $100 or more meaning the borrower would have to payback $600.

This means that the cost of military personal loans can quickly add up and end up eating most of a service member’s pay. This means that service members should only take out military personal loans when all other sources finance have been exhausted.

Advantages to Military Personal Loans

There are several advantages to military personal loans. The biggest advantage to military personal loans is the speed at which a soldier can get one. Such loans can be approved in a few minutes so the borrower can get the cash almost immediately.

Another advantage is that the borrower doesn’t have to get a credit check when they take out such a loan. Personal loan lenders don’t run credit checks because they base their loan decisions on a borrower’s income and ability not past loan history.

This means that many people with low incomes and bad credit histories can qualify for military personal loans. In some cases a military personal loan is the only kind of financing available to service members.

How to Find a Military Personal Loan

Borrowers can limit the costs of a military personal loan by shopping around for one. The best place to find a military personal loan is online. There are hundreds of online lenders that make military personal loans available.

Online military personal loans usually come with lower interest rates than other military personal loans. Such loans may also come with better terms and in some cases larger amounts of money maybe available.

To get a military personal loan online, a service member will have to a bank account. A bank account is required because online lenders will deposit the money electronically directly into the borrower’s bank account. An advantage to this system is that the borrower can get the money almost immediately. A disadvantage is that the lender may take the loan repayment directly from the borrower’s bank account.