Military Loans Online

Here is how to find military loans online from reputable lenders and avoid the potential difficulties and pitfalls.

In 2006, the Department of Defense released a report on predatory lending practices and the effects of these practices on military members.

There are lenders who target military members for several reasons. While their modus operandi is not exactly a crime in most cases, it can severely damage a service man or woman’s credit and cause difficulties at work when these loans go into default.

In order to avoid these problems, there are a few things you should know about military loans. 

Find a Reputable Lender

Most military installations will publish a list of lenders that have been identified for their predatory lending practices.

However, what is more difficult to find is a list of those lenders that are reputable. The best way to find these lenders today is to use the internet.

With the vast amount of information available online today, you can easily locate those lenders that specialize in loans for individuals in active military duty as well as military veterans and retirees.

Pioneer and Omini are two lenders that are owned by retired military personnel. These companies understand some of the problems that other active as well as retired military personnel face when applying for loans.

These loans are specially designed to make it genuinely easier for all individuals associated with the military.

It is worth spending time to do some research before you choose a lender. There are many websites dedicated to reviews of lending institutions.

You can compare interest rates and repayment terms, as well as see what you need to qualify.

Many lenders are now enforcing much more stringent qualifications for some loans. Some will not approve a loan if there is not a stable residential history.

However, as you know, the military has a habit of moving their men and women frequently. You need a lender that understands these moves and deployments. This can also help reduce the possibility of problems later on.

Compare the Interest Rates and Repayment Terms

This is one of the most important things you can do when trying to find military loans online. It’s also a good indicator of whether a lender is reputable.

If the interest rate is unreasonably high or if the repayment term is short with high monthly payments, this could be a sign of a predatory lender.

Many of these lenders will simply wait for the loan to go into default and then contact your supervisor.

This can quickly cause problems at work. By finding lenders that offer competitive interest rates and reasonable monthly payments, you will save yourself a lot of headaches in the future.

What to Look for in Terms of Security

You want to use a lender that will allow you to either pay online or through and automatic withdrawal from your bank account.

This will help cut down on late payments, which can results in additional fees.

Also, before you complete the application online, make sure it’s a secure website. Identity theft is a real problem nowadays, and even the military is at risk.

In Closing

There are many loans that you can find online specifically designed for military personnel.

Taking the time to research these loans and their lenders is the best way to avoid the many predatory lenders that are all too happy to separate you from your money.