How do I apply for a military loan?
You will need your military credentials in addition to other personal information to apply for a military loan.
What are the advantages with a military loan?
To get a military loan, you will not have to use any of your assets as collateral. Military loans are unsecured loans. You can also repay these loans early without any interest, fees or penalties. However, credit history plays a role with some lenders. The better your credit, the better your interest rate will be.
What if I’m stationed overseas?
Military loans are available to active duty personal overseas. The loan can be direct deposited into any stateside bank and United States banking institutions overseas or can be mailed to you overseas.
As with any other personal loan it is best to shop around. There are some unscrupulous lenders who will act as if they offer servicemen great deals, but charge higher interest rates and fees than other lenders.
Whatever you decide to use the money for, keep in mind that this is a loan that must be paid back via the terms of the agreement. If you don’t pay it back, it will affect your credit rating. Also, the lower your credit rating the higher the interest you will pay for any future loans.