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How to get a military loan
Times are financially tough for everyone these days and making those monthly rent and car payments can
put strain even on military families which results in many young Soldiers falling pray to high interest
unsecured loans and Payday advances. I do not recommend getting one of these loans because it will only
solve your problems temporarily and in the end get you further in to debt. The best way to stay financially
strong is to create a budget and stick with it as it is all about I NEED vs I WANT I need and apartment but I
don't need a $2000 a month condo this is just an example and I will not insult your intelligence as we all know
what we need to do in order to not fall behind on our payments but for the most part we let those happy
feelings of new plasma TVs and Car rims take over our senses.
If you have no choice but to get a loan then I recommend that you stay away from those payday advance
places as they are usually more expensive than getting an unsecured loan. I have used Pioneer Military
Loans in the past and that has worked out for me if you do get a loan with pioneer then I suggest that you
not get all of that extra insurance because frankly you won't need it as you will receive your military pay on
time even if you get sick and can't work, paying the insurance will add a lot of money in the long run so
DON'T DO IT. Make a plan to repay the loan as quickly as possible so that you are not overwhelmed by the
interest rates.
There are some companies that have found a way to get passed the law that prevents loan places from over
charging the military. Those companies will give any active duty member a loan with a decent interest rate
but will charge you an application fee of up to $3000 depending on the size of your loan. Here is an example
of a loan that you don't want to get:
Soldier borrows $3000
Interest at %12 APR
Application Fee $1500
Please stay away from these loan sharks and use your Chain of Command to try and get an interest free
loan from AER first. If you do not qualify for the AER loan then remember to go with an established military
lender like Pioneer or your bank.
Times are financially tough for everyone these days and making those monthly rent and car payments can
put strain even on military families which results in many young Soldiers falling pray to high interest
unsecured loans and Payday advances. I do not recommend getting one of these loans because it will only
solve your problems temporarily and in the end get you further in to debt. The best way to stay financially
strong is to create a budget and stick with it as it is all about I NEED vs I WANT I need and apartment but I
don't need a $2000 a month condo this is just an example and I will not insult your intelligence as we all know
what we need to do in order to not fall behind on our payments but for the most part we let those happy
feelings of new plasma TVs and Car rims take over our senses.
If you have no choice but to get a loan then I recommend that you stay away from those payday advance
places as they are usually more expensive than getting an unsecured loan. I have used Pioneer Military
Loans in the past and that has worked out for me if you do get a loan with pioneer then I suggest that you
not get all of that extra insurance because frankly you won't need it as you will receive your military pay on
time even if you get sick and can't work, paying the insurance will add a lot of money in the long run so
DON'T DO IT. Make a plan to repay the loan as quickly as possible so that you are not overwhelmed by the
interest rates.
There are some companies that have found a way to get passed the law that prevents loan places from over
charging the military. Those companies will give any active duty member a loan with a decent interest rate
but will charge you an application fee of up to $3000 depending on the size of your loan. Here is an example
of a loan that you don't want to get:
Soldier borrows $3000
Interest at %12 APR
Application Fee $1500
Please stay away from these loan sharks and use your Chain of Command to try and get an interest free
loan from AER first. If you do not qualify for the AER loan then remember to go with an established military
lender like Pioneer or your bank.
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| Military How To |
How to make extra money on active duty
How to evaluate a combat casualty
How to administer the APFT
How to get advance payment
How to evaluate a combat casualty
How to administer the APFT
How to get advance payment