Today there are many people who wish to borrow money for one reason or another. The case may be for the purchase of a first home, a car, to pay the bills for a new baby on the way, or any of numerous aspects to life that require an investment of funds. If you are in the service and seeking a loan, thus called a military loan due to your special work status, you’re in luck.

There is probably no better time to ask for money than when you are in the military. The reasons for this are plain. Simply put, when you get a military loan, the bank or other loan institution knows that you’re “good for it.” Further, should you default, which is highly unlikely, your upper chain of command will ensure that you pay the loan back if not by direct command, then by garnishing your wages. However, the possibility of things coming to such an extreme state is next to nil.

Another wonderful thing about is that most lending institutions will give you a military loan with no collateral, simply based upon your military affiliation. Further, even if you’re new to the military, this will not harm your chances of a military loan as most banks and credit unions will supply you with money no matter your rank -even if you’re an O-1 or E-1.

Further, let’s say that your credit is less than golden. Again, due to being in the military, this is often overlooked. Being a member of the armed forces gives you a special privilege, a sweet elitism even, that most people -even in higher tax brackets, do not receive.

One aspect to bad credit and a military loan that you should be aware of is higher interest rates. This is not always the case, but is probable. However, another factor in determining this (besides actually asking), is if America is in the midst of a major conflict, as with America’s status since the invasion of Iraq. Many banks will forgo any added interest rates due in patriotic observance of our men and women in uniform.

Further, if you or a soldier that you know is serving in a combat zone, such as Iraq, there is a law that you should be aware of. This is the Soldiers and Sailors Act. In addition to making it illegal for an employer from permanently replacing a soldier who is out of the country, the law protects this sailor or soldier with the promise of a return of their job upon return to America. Further, any military loans that have been taken out (and some pre-existing loans as well), may not be paid back until the soldier or sailor’s return home. Further, no late fees, interest, or any other sort of penalties can be charged. (Unfortunately, media sources are now saying that this act is being trampled over by some employers and financial institutions.)

When requesting a military loan it is important to learn about interest that will be charged, timelines on payments, about whether the money can be shipped abroad by Western Union, if someone else is handling the loan paperwork for you while you are abroad, and other ideas along these lines.

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