Getting Fast Military Loans With No Credit Check
Military loans with no credit check are not difficult to obtain. This loan offered to United States servicemen and women does not require high credit ratings. Loans with no credit checks allow members of the US armed forces to borrow money without having their credit reports pulled by banks or other lending institutions. A member of any of the branches of the US military does not have to worry about his or her current credit score or be bothered with the possibility of denial. Here are the typical characteristics of a fast military loan with no credit check.
Small Amounts Only
Loans that do not have credit checks are usually for small loan amounts, typically between $500 and $1,000. Additionally, the paperwork is also significantly reduced. Thus, lenders are able to approve this type of loan faster.
In most cases, military loans with no credit check are approved within 24 hours after the filing of the application. The entire process can take from one hour to a few hours. When applied for online, funds will typically be deposited in the applicant's bank account within one day.
Exclusive to US Servicemen and Women
The beneficiaries of this type of loan are members of the US armed forces. Lenders believe that the loans they extend to any serviceman or woman have a less amount of risk in comparison to other types of commercial loans or borrowers for a few reasons. One, a member of the US military is expected to uphold the values of honor and integrity that have been ingrained in him or her during training. And two, members of the military have a secured job and a steady paycheck or pension.
These loans can be used for any purpose. A serviceman or woman can take out a no credit check military loans to pay for emergency home repairs or for rest and recreation. There are no limits for the uses of these loan proceeds. In sharp contrast, many other loans request the purpose of the loan and check for appropriation of loan proceeds.
As a member of the US military, an applicant needs only to present his or her valid military ID and proof of service status. Even retired military personnel can apply for this type of loan, except that a retiree must not have been inactive from the service for more than 20 years.
Higher Interest Rate
On the downside, military loans without credit checks have higher interest rates when compared to other types of loans. Although the lender offers the loan, the risk for not running a report is offset with the rate.
Shorter Payment Terms
To protect their interests, lenders that offer fast military loans without credit check shorten the payment period for such loans.