If you are a military member or have family members that are in the military, there are a number of options available for you to get a loan. Whether you are in need of a motorcycle, motorcycle loan, home loan, or even a mortgage, you will find that there are many lenders who offer different kinds of military loans.
Many lenders will require some type of credit check before they will make a decision. These checks will not only confirm your identity but will also check your ability to repay the loan. This means you may be required to provide additional information such as a W-2, which will help them gauge your income level.
Fortunately, there are plenty of online lenders that will give you access to military personal loans. They can be a good option if you want to consolidate debt or if you need a large sum of money. However, be sure to do your research and shop around for the best deal.
The Military Lending Act (MLA) has helped protect active duty military and reservists from predatory lending practices. The MLA has a cap on the interest rates that can be charged on most installment loans. In fact, qualified active-duty military personnel can qualify for an APR of 6% or less.
Payday lenders often charge excessive interest and can cause borrowers to get into a cycle of borrowing. In fact, the Consumer Federation of America recently released a report on the predatory practice of payday lending. Despite the federal protections, there are still predatory lenders who will prey on military members.
One way to avoid predatory lenders is to look for a credit union. Often times, these organizations have lower interest rates and will not charge you fees for using their services. Additionally, many will allow you to apply for a mortgage or other types of loans, such as auto or boat loans.
Another option is to take out a salary advance. This is a great alternative to a payday loan, as it can be paid back over time. You can even get a no-interest loan through the Navy and Marine Corps Relief Society or the Air Force Aid Society (AFAS).
Another option is to borrow from a lender that specializes in financing military members. VA Financial and LendingClub are two examples of companies that focus on military members. They can be a better choice than a payday loan if you have a low credit score or are a veteran.
Other sources of military loans include Navy and Marine Corps Relief Society, Coast Guard Mutual Aid, and AFAS. Loans are designed to offer a quick solution to a financial need, such as an emergency or property damage.
While there are a wide variety of military personal loans, the ones that are best suited for your needs will depend on your budget, credit history, and employment status. Choosing the best military loan is a matter of doing your homework and considering your options.
