Author Box
Articles Categories
All Categories
Articles Resources

Military Loans With No Credit Checks Makes Applying for Loans Easy

April 26, 2012 | Comments: 0 | Views: 151

One of the most stressful aspects of applying for a loan is wondering if your imperfect credit score is going to scupper your chances. Even for military personnel, whose employment status is considered the strongest possible, there is uncertainty over the chances of success. But the good news is that it is possible to get military loans with no credit checks required.

Generally speaking, lenders will admit that a low credit score is not enough for an application to fail but will want to know their credit history before making a balanced decision. That is a fair enough point, but often it does not make life easier for the applicant when they are in dire need of funds. However, with military loans with no credit checks, credit history has no bearing at all on the decision the lender makes.

What this means is that, regardless of the mistakes made in the past, or the bad financial luck that might have struck at any time, the availability of military loans with bad credit simply narrows the basis of approval to income only. So, as long as your monthly income is enough, approval is almost guaranteed.

How No Credit Checks Work

Admittedly, this seems strange, given that the applicant may have a string of outstanding loans behind him - but there is method in the perceived madness. By offering military loans with no credit checks, lenders specializing in the military niche attract more business. But the fact that interest rates are slightly higher than normal, as a pay-off for waiving their right to carry out a credit check, means that the additional risk is covered.

However, even in this, lenders are taking on what is almost a sure thing as the employer in question is the US government. So, it is a practical possibility to offer military loans with no credit checks, something lenders often cannot offer civilian applicants because their sources of income are not so assured.

Also, with government checks going directly into bank accounts, it is easy to arrange for repayments to be made directly to the lender as soon as it arrives in the bank account. So, whatever way they look at it, offering military loans with no credit checks works well.

Important Criteria

However, lenders are not willing to lend money for nothing. So, even with military loans with no credit checks there are criteria that applicants must meet. First and foremost, military status needs to be confirmed, so it is necessary to provide a military ID showing rank and deployment address.

But a permanent address is also required (usually the family home), in case of deployment abroad. Also needed are details of a working personal bank account and confirmation of US citizenship.

Because of the security associated with military income, loan limits are higher, with as much as $25,000 available to borrow. It means that enough funds can be borrowed to make a significant difference when in financial hot water.

Where to Get Them

So, where can a member of the military get military loans with no credit checks? Well, some traditional lenders, like banks, have special programs for military applicants, but the interest rates changed are not the best available. Online lenders are much better in the terms that they offer, with many online firms specializing in bad credit and military lending. Providing military loans with no credit checks is second nature to them.

However, it is important to check out the lenders with the Better Business Bureau before agreeing any deal. Even with military loans with bad credit, there are unscrupulous lenders looking to take advantage.

Sarah Dinkins is a financial advisor who writes about Guaranteed Unsecured Credit Cards and 100% Guaranteed Bad Credit Loans

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Bad Credit Military Loans


Bad Credit Va Loan


No Credit Check Military Loan


Unsecured Military Loans

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 561

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 304

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 301

Military members are offered an additional lending tool known as a military loan. These loans are offered in amounts up to $20,000 and even those with bad credit can qualify under certain conditions.

By: Joycelyn Crawfordl Finance > VA Loansl July 02, 2012 lViews: 139

Members of the military sometimes need to access funds quickly too, just as we do. With the availability of military loans with no credit checks, they have the capacity to do so, very quickly.

By: Mark Venitel Finance > VA Loansl June 29, 2012 lViews: 143

Securing VA home loans with bad credit may seem difficult, but it is not. Like all loans, as long as the criteria is met and the right lender is found, there should be few problems.

By: Donna N Hammondl Finance > VA Loansl June 27, 2012 lViews: 178

When it comes to military loans requiring no credit checks, there are positives and negatives to them. But the positives are hard to ignore, with both short-term and long-term advantages to be

By: Hilary Bowmanl Finance > VA Loansl June 27, 2012 lViews: 166

Veterans and active duty military personnel who want to buy a home have the option of VA home loans. With bad credit, getting a VA home loan can mean the difference between acceptance and rejection.

By: Mark Venitel Finance > VA Loansl June 23, 2012 lViews: 179

Not everyone can qualify for no credit check military loans, but for those that do, approval can be virtually immediate. However, it is important to know there are factors to consider.

By: Mary Wisel Finance > VA Loansl June 21, 2012 lViews: 179

Usually, people seeking to secure personal loans with bad credit scores are expected to see their efforts fail. But there are some options worth considering that can greatly improve the chances of

By: Sarah Dinkinsl Finance > Personal Loansl June 04, 2012 lViews: 143

Getting approval on a mortgage loan, with bad credit such a negative a factor, is not impossible. But a credit score will have an effect on the terms a mortgage may come with.

By: Sarah Dinkinsl Real Estate > Mortgage Refinancel June 04, 2012 lViews: 126

Securing a personal loan with bad credit is not easy, but rejection is by no means the end of the road. Armed with the reason for failure, the application can be fine tuned to succeed.

By: Sarah Dinkinsl Finance > Personal Loansl May 24, 2012 lViews: 161

If you have bad credit, finding a loan for $5000 is tough. However, there are options available to you, which this article will review in some detail.

By: Sarah Dinkinsl Finance > Personal Loansl May 02, 2012 lViews: 169

Looking for $25,000 unsecured personal loans can be hard what with no security and low credit scores as both features. But by considering some issues carefully, your chances of approval are increased.

By: Sarah Dinkinsl Finance > Unsecured Loansl April 23, 2012 lViews: 179

The cost of attending college usually means a student loan is required. A cosigner can make that simple to get, but to get student loans without a cosigner can require more effort, preparation and

By: Sarah Dinkinsl Finance > Student Loansl April 04, 2012 lViews: 113

Discuss this Article

comments powered by Disqus