US Military Loans

US Military Loans -- as Easy as 123

Serving your country through the military is one of the most honorable endeavors a military can do as a profession. People in the military are at the forefront of keeping peace and order in the world and also of serving as a symbol of strength for the country. There are a few perks provided for people in the military as the government is bound to take care of its brave soldiers. However, life is not always easy for the soldier.

Not only are they at risk of giving up their life for their country, theirs is a job that is not considered to have the highest pay. A soldier has to face the truth that they are not really earning as much as people in other professions such as business, thus there may be times when soldiers might be wanting of cash. The common notion is that while soldiers may never go hungry, they cannot be rich as well. Nevertheless, cash should not always be a problem for soldiers. Whenever they need money, they can always file for a loan, and it’s as easy 123.

How Does a Soldier Qualify for a US Military Loan

Though getting a US military loan can often be just as easy as 123, soldiers still have to pass certain qualification standards in order file. First, he or she usually must be in active duty and be no less than an E-2. Next, the latest end-of-the-month Leave and Earnings Statement (LES) should be provided.

The soldier should still have a considerable amount of time to serve, usually 18 months at the minimum. If the soldier has been bankrupt, it should have been discharged for a significant amount of time, usually one year before filing the loan. There is usually an interview with loan applicants.

How Easy is it to Apply for a US Military Loan?

As said, getting a military loan is as easy as 123. Basically, to apply for loan, most borrowing agencies only need for the applicant, who should be active military personnel, to email or fax their LES. Initial applications are usually answered via email in as fast as four business hours after the loaning agency receives the LES and application.

Loans can be as small as $500 or as big as $3000. Some loans go as high as $10,000. Usually, applications are processed without any upfront fees. Even those who are stationed in foreign countries may apply for loans through fax or email.

Usually, there are no collaterals needed for military loans. Payments for the loans are usually given convenient allotments, there are no month-to-month checks required, there are no risks for late fees.

When the military loan has already been paid off, one can file for another loan, and not only that - the second loan is frequently offered with a discounted rate for the interest, and the approval is usually much faster.

Payment options are also quite flexible. A lot of military loan agencies allow payments made by credit card or checks, some allow payments by escrow services and other payment agencies.

The cash may be released very soon. Once the loaning agency receives the complete loan packet and their finance department does the formal verification process, the US military loans money may be disbursed the same day.

Should one want to pay their debts early, once can do so because there are usually no pre-payment penalties on military loans. Interests rates are based according to the applicant’s income, credit report, cash flow, and credit history.

Soldiers who have had bad credit records need not fret. Military loans are usually approached with much flexibility. As much as possible, military loan providers try to maximize applicants’ profiles. Unless some grave issues with credit histories are present, they would want to approve loans for weary soldiers.

Getting money may not be as easy as many people dream, but for the men and women who are serving the country through the military, some leeway is given for them to get extra money when they need it.

Perhaps US Military loans are just one good way of thanking soldiers for offering their life and limb for the country. The least that could be done to them is to give them assistance in times of troubles such as financial woes. This can help make getting US Military loans as easy as 123.

To top of page: US Military Loans

Disclaimer: All information here is intended for general knowledge only and is not a substitute for professional advice or services for specific conditions. You should seek the help of a professional for any specific financial issues and consult your professional planner before starting any financial plans.