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At the Quick Cash today I had to sign a waiver stating I am not an active member of the armed forces. I asked what was going on and the clerk said they will be forbidden by law to give out loans to such people starting in October. Why is this? What law, and why was this law passed? I was told it was a law or it came from the Defense Dept. Not a business decesion. And I think it sucks, what if someone needed a quick loan to make a house payment or something, and would be able to pay it back quickly. They are old enough to go die, I think they can handle money. Lots of good answers, I'm going to have to send it to voting. Thanks for all your input everyone!
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Answered by Babe
This law was passed because they targeted Military and the interest rates are unbelievably high.
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Featured Article
How to Get a Military Personal Loan
Lenders who specialize in loaning money to active or retired service personnel present a lower-cost alternative to regular banks. Most military lenders will also allow you to borrow money from locations worldwide by approving your application on the Internet.Instructions
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Get a Military Personal Loan
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Prove you served in the military if you're retired from active duty. Even if you've gone on to a professional career following your military service, you can still qualify to get a military personal loan. Both military personnel and U.S. Coast Guard service people qualify for military loans.
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Head online to find companies that specialize in military personal loans. There are many, and you should be prepared to spend some time comparing interest rates and loan terms. If you're still in active duty, your branch of the armed forces may have other, more direct loan options available to you.
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Get your most recent Leave and Earnings Statement (LES) ready, and have your military ID number on hand when you sit down to fill out your military personal loan application.
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Remember that the various loan companies outline their own qualification standards. Some require you to have a 20-year service record if you're no longer in active duty, while others allow you to qualify if you've spent any time at all in the military, so long as you received an honorable discharge.
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Identify the amount of money you need to borrow. Most military loan lenders will lend a maximum of about $10,000 to first-time borrowers, though specifics will vary from lender to lender.
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Apply online with the lender of your choice. Ideally, you should choose a lender who does not impose harsh penalties on late or missed payments or exorbitant fees on top of the loan principal and interest.
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Remember that some military personal loan companies will allow you to cancel your loan application within a specified period, usually 15 days, at no additional cost. If you have any reason to suspect you may need to take advantage of a term like this, seek out a lender that includes such an offer.
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Tips & Warnings
Applying online can save you time. Your loan application can be approved more quickly, and some lenders can deliver the funds directly to your bank account within 24 hours of approval.
Get a military personal loan if you qualify instead of a regular bank loan, as they're frequently offered to service personnel at lower interest rates than banks charge.
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Get a Military Personal Loan
- 1
Prove you served in the military if you're retired from active duty. Even if you've gone on to a professional career following your military service, you can still qualify to get a military personal loan. Both military personnel and U.S. Coast Guard service people qualify for military loans.
- 2
Head online to find companies that specialize in military personal loans. There are many, and you should be prepared to spend some time comparing interest rates and loan terms. If you're still in active duty, your branch of the armed forces may have other, more direct loan options available to you.
-
- 3
Get your most recent Leave and Earnings Statement (LES) ready, and have your military ID number on hand when you sit down to fill out your military personal loan application.
- 4
Remember that the various loan companies outline their own qualification standards. Some require you to have a 20-year service record if you're no longer in active duty, while others allow you to qualify if you've spent any time at all in the military, so long as you received an honorable discharge.
- 5
Identify the amount of money you need to borrow. Most military loan lenders will lend a maximum of about $10,000 to first-time borrowers, though specifics will vary from lender to lender.
- 6
Apply online with the lender of your choice. Ideally, you should choose a lender who does not impose harsh penalties on late or missed payments or exorbitant fees on top of the loan principal and interest.
- 7
Remember that some military personal loan companies will allow you to cancel your loan application within a specified period, usually 15 days, at no additional cost. If you have any reason to suspect you may need to take advantage of a term like this, seek out a lender that includes such an offer.
Article Source: www.ehow.com
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More Questions
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At the Quick Cash today I had to sign a waiver stating I am not an active member of the armed forces. I asked what was going on and the clerk said they will be forbidden by law to give out loans to such people starting in October. Why is this? What law, and why was this law passed? I was told it was a law or it came from the Defense Dept. Not a business decesion. And I think it sucks, what if someone needed a quick loan to make a house payment or something, and would be able to pay it back quickly. They are old enough to go die, I think they can handle money. Lots of good answers, I'm going to have to send it to voting. Thanks for all your input everyone!
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Response:This law was passed because they targeted Military and the interest rates are unbelievably high.
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My husband was looking for a personal loan (to pay off some bad debt quickly, before it ruins his score) but we can't find anyone who specializes in Military Veterans for personal loans. I know that Pioneer Military Loans offers good loans but those are for active duty or career retired and my husband did not retire (he instead was honorably discharged after 6 years service). We live in Washington State if you know of any here.
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Response:USAA does banking for military veterans. They also offer insurance and lots of other services. I got 2 car loans through USAA. They are still pretty strict with giving out loans however. You still have to have decent credit and a steady income.
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Does anyone know of a good lender (trustworthy) enough to get around a $10,000 loan to consolidate debt and only have to make one payment a month instead of like 6. Thanks alot and anything will help.
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Response:I know you can go to http://www.militaryloans.com and take out a loan for $10,000, with low interest rates. They will let you know if your are approved with in 24 hours.
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My fiance is in the military. He just opened a bank account. Besides that, he has no credit at all. Taking into consideration that he's in the Army, what are the chances he can get approved for a personal loan of $5,000 - $6,500?
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Response:At the risk of sounding like a callous cad, unless you already have 5 grand in savings, you're not going to get a 5K loan from a bank given a soldier's bankrolling. I am sorry. Capitalism is like that. It sucks.
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does anyone know of any loans that work for military(personal loans) besides.....pioneer military loans, omni financial, armed forces loans, just military loans, military financial, or military finding. I have a soldier in desperate need of some sort of help rather then AER as well his credit is obvisouslly not that great so just any bank is not going to work. PLEASE HELP. This soldier is an outstanding soldier but has alot of bills, and is struggling badly. Any suggestions okay besides aer and seeing a chaplin he does not want to go threw his commander and does not want me to say anything to the commander, and it does not matter if it is short term or long term. I have enrolled him in budget counseling already and they seem to be helping a bit, but i need some more advice please
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Response:He should go get on a buget and check with ACS for a class on it. He should maybe look into consolidation loan instead. Try to get a part time job (it is possible but sucks) or sell stuff he doesn't need anymore. He needs to talk to his chain of command because if his creditors call him commander first it will not be a good thing.
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