Posts tagged: loans for military with bad credit

Bad Credit Military Loans


It’s no secret that enlisted members of the armed forces don’t make too much money. Some would even call it laughable, that is if they didn’t see all the perks of military life. You know, things like free housing, great medical care, a solid pension plan and so on. But those perks don’t always cut it when you have some kind of emergency cash needs and your only option is to turn to bad credit military loans. Fortunately there are companies who recognize that a member of the US military deserves a little bit more consideration than just judging them based on their fico score.

Quite a few online lenders offer loans for military members with bad credit. When you actually go through the application process you’ll find that they want to see all the normal information that would be requested by a traditional lender, including:

Name, Social Security Number, birthday, email address, home address, phone numbers, number of dependents in the home, rent or own status, gross income, and take-home income.

But for military members they’ll actually take it a step further and ask you for your military branch, rank, where you’re stationed, etc.

There are a few stipulations you should be aware of if you’re seeking bad credit military personal loans, such as:

1. Residents of certain states are not eligible for these loans (specifically CA, FL, WV, GA, and NV). This is due to the fact that certain states prohibit special lending practices for members of the military. Seems unamerican to me, but I don’t make the rules.

2. You can’t be on your way out of the service when you apply for the loan; you must have at least a year and a half of active duty left on your contract. This is obviously because we don’t want it to be possible for non-military citizens to enjoy the same benefits as military borrowers.

3. Although your military status helps, your credit score will still be a factor in whether you qualify. Yes, you can get a loan with bad credit, but the terms aren’t going to be as favorable for obvious reasons.

If you can meet all these criteria, and properly fill out the application, you’re on track to get the short term funds you need. The lenders I researched were willing to lend anywhere from $1,000 to $3,000, with repayment periods of up to 12 months. That’s actually quite a bit more favorable than terms offered to non-military borrowers, who often can’t borrow more than a few hundred dollars and have to repay within a matter of weeks.