By Charlie Gaston
Military personnel stationed in the United States or abroad are eligible for a military personal loan. U.S. deployment is not required for approval and in most cases lenders provide direct deposit and online approval for military personnel stationed outside the United States. A loan officer will contact the applicant. In some cases where military based or affiliated loan programs for military personnel are available, the loan officer will have a military background; he will work to assist first time applicants stationed abroad with the process. Military personnel can choose the money via direct deposit, if stationed abroad, or via a certified check; the latter option is also available for military personnel stationed abroad, however, lengthy holds may occur as determined by the financial institution where the check is deposited in the foreign country. After the application is approved, which can take 24 to 72 hours, most loan amounts can be dispersed within 24 to 48 hours after approval is confirmed.
In some cases, military personal loan applications require the applicant to specify a reason for the loan and selected loan amount. Typical qualifying reasons include: Personal Change of Station (PCS), unexpected expenses, home renovations, education and medical expenses. Loan amounts are subject to the rates and terms defined by the lending institution, however, most military personal loans are available from $500 to $20,000. Each application is approved based on the credit history of the applicant requesting the loan and his proven ability to repay the loan amount. A credit report must be issued to determine the applicant's debt- to-income ratio and establish approval. Military personnel with "bad" credit are eligible for some military personal loans; however conditions may apply and should be weighed carefully.
Military personal loans are provided to active military personnel and retired veterans in search of secured and unsecured loan options. Military personnel with bad credit should request a bad credit loan and those applicants who require immediate cash should apply online. Lenders like Credit Loan, Military VA Loans and Unsecured Solutions offer military personal loan options to active and retired military personnel and veterans. These and other lenders offer online approval and direct deposit when requested. All military personal loans are subject to repayment and other rate and term guidelines. Many lenders offer 6 to 84 month term options, however, as with any loan, terms and rates will vary by lender. (Loan rates are always subject to the applicant's credit rate and debt-to-income ratio.)
http://www.lenderva.com
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