Military Personal Loans. There are some advantages and disadvantages of becoming a man – or woman – in uniform. Some disadvantages are, you are required to risk your life, and spend long periods of time away from your home and loved ones. But some of the advantages are, the honor of having patriotic duties that compensate for all the difficulties of the job, and also the extra privileges granted by some companies that offer military personal loans.
Lending companies love to work with the good people who proudly wear a military uniform
Yes, they do. Many companies are happy to lend money to soldiers, even without collateral, and with low interest rates, simply because they’re sure that their clients are reliable people who aren’t going to run away from their obligations.
And it’s fairly easy to locate an army soldier, especially if he’s still active. All you have to do is look up which regiment he belongs to, inform the necessary people about it, and voila, you’re instantly placed on the list of people whom his paycheck should be directed to.
Of course, there are also loan companies that have been specially established for military personnel. That is the best type of lending company to approach if you’re working for the Army, Navy, Air Force or Marines. These loan companies may even be willing to waive interest fees if you can promise to give them back the money you’ve borrowed in a short period of time.
What are Military Personal Loans? Let’s divide the term into three parts:
Military Only – As the name suggests, military personal loans are for military personnel only; if you are part of the immediate family of a military soldier, you may be allowed to take out a military personal loan in the other person’s name, provided that you can show evidence you’ve been given the authority to do so.
Personal – You need money to cover personal expenses, which can range from frivolous to necessary, like buying a huge TV or paying for hospital bills and tuition fees. Car loans and house loans are of course different from personal loans, and may have different rules of application.
Loan – Since you don’t have the money you need to purchase or satisfy your wants and needs, you’ll need to borrow the money from an outside source. This can be a friend, a bank, a mortgage company, a payday lending firm, or worse, a loan shark.
How to Apply for Military Personal Loans Which Mortgage Company? – It’s always best to borrow from a mortgage company that offers legitimate military loans. These loans are usually interest-free and do not require collateral. If possible, choose a mortgage company that’s nearest to your home or where you’ve been presently assigned to.
Proof of Duty – If you’re still active in the army, you’ll need to submit proof that you’re still indeed in the force; in this case, your most recent LES would do. Military retirees are welcome to take out a loan as well, but they may also submit documentary evidence to prove that they had once served in the army.
Application Forms – You’ll always be required to fill-up an application form. It’s a painless procedure, so don’t worry. All you have to do is give the company pertinent information about yourself and the reasons you’re in need of extra money. There’s rarely any up front application fee to pay for.
Credit Report – Although they might not ask you for a copy of your credit report, it’s still better for you to obtain one for yourself. That way, you’ll know where you’re standing and how your application will fare. A credit report is used by mortgage companies to determine whether you’re able to pay on time or not.
Approval – Once you’ve submitted all the necessary documents, all you have to do is wait for their call. Most companies take three to five days to reach a decision. If you apply online and after working hours, your application may be placed on queue for next day’s work.
How to Pay for Military Personal Loans Installment – This is the most common payment procedure, and you’re required to make periodic payments which constitute part of the principal amount and the stipulated interest charge.
Balloon – You make smaller periodic payments then at the end of the term, pay one lump sum to cover the remaining balance of the loan.
Single Payment – You agree to pay for the full amount of the loan plus interest on a certain and mutually agreed upon date.
Good luck with your own military personal loans!