The realities of life in the military might seem stark by what we see in the media, but we can sometimes forget that our armed forces have mortgages, loans and bills to pay too. They face the same challenges we do. Military loans with no credit checks provide them with an avenue to the relief funds they need to ease their financial situation.
These loans are usually small in size, with loans ranging from $100 to $1,500, and while these may not seem large amounts, they can prove effective in keeping the wolves from the door. However, it is the availability of fast loan approval that is the real positive, allowing members of the military to access funds they need almost immediately.
There are compromises however, with higher interest rates and shorter repayment schedules – between 30 and 90 days. But, these military loans offer real advantages.
Source of Emergency Funds
A major advantage of military loans with no credit checks is that they can be approved in a matter of hours. While other lenders may take 24 hours to reach a conclusion, applications for these loans can be given the thumbs up in just 1 hour. So, funds needed to meet an unexpected bill can be received in just 12 hours.
It is true that fast loan approval is something that all lenders like to promote. But since an application is approved and funds deposited into the relevant bank account before the end of the day, it is hard to access any loan faster.
These military loans can be as much a lifesaver to military members as it is to the rest of us. After all, they face the same financial pressures, and these bills can cause havoc with the delicate balancing act that is modern financial survival.
Why So Fast?
The speed with which these applications can be approved comes down to two things: the source of income and the fact credit history is not checked out. Military loans with no credit checks are approved without any consideration given to the financial habits of the applicant.
What this means is that time taken checking is no longer wasted, and so a definite decision can be reached more quickly. The fast loan approval translates to greater confidence amongst the applicants, who can now be sure of addressing any financial emergency almost immediately.
The other factor that speeds the process up is the source of income, or the employer that is involved – namely, the US government. The degree of job security when employed by the government is extremely high, with practically no chance of the applicant suddenly losing their job. Because of the certainty of lasting employment, the lender is confident of seeing the military loan fully repaid.
The benefits of choosing a small military loans with no credit checks extends beyond the speed at which approval is secured. There are also real advantages to the overall financial situation of the applicant.
For example, because these loans are also repaid very quickly, with payment coming out of the next paycheck, the credit score of the applicant improves quickly too. Every time a loan is repaid, the score is adjusted, and the improved score translates to higher loan limits, and lower interest rates. So, fast loan approval is not the only attraction.
So, over the course of a year, as many as 5 or 6 of these loans could be taken out, putting the borrower in a stronger position to apply for larger military loans later on.