Military loans can be a good way to pay for emergencies, minor purchases, vacations, or for consolidating other debts that are at a higher interest rate than the military loan rate.
Military Loans are personal loans designed exclusively for military personnel (active duty and career-retired). Most online Military Lenders advertise their cash loans ranging from $500.00 to $10,000.00, and offer their customers the ability to easily apply online.
Most military lenders claim to deposit the money in the borrowers checking or savings account within 48 hours of the loan offer being signed / ESIGNED by the military borrower. Process details vary from lender to lender.
Military loan terms typically range between 6 to 36 months. The length of the loan term is determined by the amount of money borrowed and the service member's Estimated Time in Service (ETS). In addition, other military lender specific factors may influence the length of the military loan term. Military Loans are capped at 36%. That said, before you accept a military loan offer make sure to closely review the loan contract and inspect the "Truth & Lending" disclosure document. Unlike mortgage applications, military personal loans DO NOT require a large pile of confusing documents to complete the contract process. So finding the interest rate, fees and other important details should be rather easy in comparison to a mortgage application.
The actual interest rate will likely vary from lender-to-lender and applicant-to-applicant. The military lender reviews each application for military specific information and typically require a copy of the service members most recent LES and a copy of their Military ID. The military lender may or may not require each applicant's credit to be pulled. Before applying, you should review the military lender's loan application requirements.