Getting a loan application can take a little time and, depending on the kind of loan, the length of time can vary. A home loan, for example, can take three or four months, while a personal loan can take around day. Credit checks are the main reason, which is why getting a military loan with no credit check means a faster route to funds.
Lenders like to check on the credit histories of their applicants for the simple reason that they wish to know if that applicant can be trusted to repay their loans on time. But increasingly, the non-traditional lenders are offering credit check free military loans so they offer an approval rate that is faster than their competitors. In fact, in some cases, approval is given within a few hours.
While speed is certainly a key advantage of gaining approval on military loans without any credit checks, there are other advantages that attract applicants to such offers. Not least is that the likelihood of being rejected is reduced to practically nil, though there are clearly some criteria to meet also.
Why Credit Check Free Works
It may seem strange that it is possible at all to get military loans with no credit check. After all, military personnel are as vulnerable to debt as the rest of us. The fact is, however, that job security is a key factor in any application.
Since the employer of members of the military is the US government, the income of an applicant is guaranteed, so a credit check free military loan can be offered because of this.
All that is really necessary is for a method of payment to be agreed, and since government payments will be made like clockwork into a bank account, a direct repayment from that account to the lender can be organized to ensure timely loan repayments. With this set up, approval is practically guaranteed.
Military Loan Realities
Getting approval so quickly is a clear advantage of military loans with no credit check, but it is important to know the limitations of such loans. For a start, the loan amounts available with this offer are not generally very high, perhaps going no higher than $1,500. The reason is that the fast avenue to funds is designed specifically for those applicants in need of emergency cash.
There are two consequences to this fact: firstly, that the interest rate paid is relatively high; and secondly, that often the repayment is taken from the upcoming pay check. In the civilian world, this kind of loan is known as a cash advance loan.
They should then only be applied for if there is enough cash arriving in the next check to cover the repayment with interest. Only then can approval be considered a positive thing.
When No Credit Check Makes No Difference
As already mentioned, there are criteria that need to be met before any lender is willing to provide a loan. Offering a military loan with no credit check works fine if they are met, but without this then there is no chance of getting approval.
These include proof of identity, a confirmed military rank, a confirmed income, the provision of a permanent address as well as a deployment address. Getting a credit check free military loan is not particularly difficult for any genuine member of the military, and indeed retired member.
Another factor is the income compared to the loan amount applied for. It is simple to get approval if the sum sought is small. However, if income is too low then even a military loan with no credit check is pointless.
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