For underpaid members of the military, keeping a strong credit history can be tough. A number of no credit check military loans, however, can be made available for those members of the armed forces currently on active duty.
There are a number of loan opportunities currently available specifically for members of the military. These no credit check loans for military service members can avoid the embarrassment of a loan reject due to a bad personal credit record. The criteria for these no credit check military loans vary by lender, and are usually for fairly small totals, between $500 and $1500. These no credit check military loans are primarily intended to be short-term solutions for money problems and can be used for items like car or house repairs; they are not intended to be long-term fixes.
Since these no credit check military loans do not require any background information, they can be processed and approved much faster than loans where a credit check is done. They also do not reveal any negative information that could be used against the service member during the loan process or in the future. In most cases, these no credit check military loans can be completed within a couple of hours. While most of these loans are obtained in person at some banks or credit unions – as well other kinds of short-term lenders – some of these loans can now also be obtained online.
The amount of money that can be obtained through these no credit check military loans depends on the ability of the service member to repay the loan, as determined by their existing income and debt. In nearly all cases, there are no advance or upfront fees to pay, and once the agreement is completed, the money can be directly deposited into the service member’s account within 24 hours.
The lack of a credit check, however, comes with consequences. Most of these no credit check military loans also come with high interest rates, which can compound quickly if the loan is not repaid in a short period of time. If the service member cannot repay the loan in a matter of a couple of months, the interest rate could make these kind of loans prohibitive.