Military Loans With No Credit Checks: Secrets to Getting Approved

Military Loans With No Credit Checks: Secrets to Getting Approved

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Bad credit scores might not be enough to kill off the chances of getting loan approval, but the idea of not having to worry about them is still a big attraction to loan applicants. Even for military personnel, the promise of military loans with no credit checks is a more attractive prospect than those that include a detailed examination of credit history.

Members of the military are just as susceptible as anyone else to financial pressure, and falling behind on repayments is as great a threat despite their employment status. Therefore, securing approval despite bad credit is a very important aspect for any member of the armed forces looking to alleviate their financial woes.

But more than simply avoiding the hassles of bad credit history, the lack of a credit check speeds up the approval process, so when a financial emergency strikes, a military loan can be accessed in next to no time. The only condition is that the criteria is met.

What Does No Credit Check Mean?

It might seem quite strange that lenders would be willing to ignore the credit history of an applicant, especially when they run the risk of lending to habitual defaulters. But statistics uphold the belief that the vast majority of bad credit borrowers are eager to rebuild their credit reputations. So, granting military loans with no credit checks is not such a major risk after all.

What a no credit check actually means is that the time usually taken to check out the background of the applicant is no longer applied. So, the lender is in a position to grant approval as long as the basic criteria are satisfied, like income, employment status and affordability. Granting approval despite bad credit is fine when the employer is the US government.

As the employer, the government paycheck is guaranteed, so the ability to repay is guaranteed. And because the funds of the military loan are provided electronically through a bank account, and repayments are received automatically in the same way, there is no chance of default. So, the loan is safe.

Loan Terms and Conditions

However, there are some costly compromises that need to be made before qualifying to get a military loan with no credit check. For a start, the loan limit is fairly low, often no more than $1,500 โ€“ just about enough to deal with any immediate financial emergency.

And because no credit check means the lender accepts a larger perceived risk, the interest rate charged is much higher. In fact, while receiving approval despite bad credit is a major boost to funds, the repayment term is typically 14-31 days, depending on the lender.

Special repayment schedules can be agreed on larger sums, with perhaps $3,000 repaid over 90 days, or $5,000 over 180 days. With military loans, the certainty offered in approval is countered by the high level of the loan cost.

Where to Get a Good Loan

The biggest challenge is not in getting approved, but in finding the right loan deal. When seeking a military loan with no credit check, the Internet is the best source to search, with online lenders charging lower interest rates than traditional lenders.

But it is also worth going to the recognized military lenders. They offer loans that are specifically tailored to the needs of the military borrower, with the chances of receiving approval despite bad credit extremely strong.

In all cases, the basic criteria to satisfy before applying for a military loan is to prove your age is over 18, that your citizenship is US, and that ample income is being earned. Lastly, your present or past rank is needed to corroborate your association with the military. Then, in less than 24 hours, approval should be granted and the funds deposited into your bank account.

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