Introduction
Military loans are unsecured cash advance to members of the armed force by banks or other financial institutions at fixed interest charge. A military loan is specifically secured by members of the army and is repaid over a short period of time like on the next pay-day. If you are a soldier and you are abided by the Uniform Code of Military Justice, you automatically qualify to take out this type of loan.
History
Banks and other lending institutions introduced military loans in order to target members of the armed force. The money is advanced in small denominations that are repaid within a short period of time such as on your next pay day. Financial institutions charge a fixed monetary interest figure as opposed to a interest rate which is applied on other types of loans.
Features
The qualification process of taking a military loan is strictly by barge. Every member of the military force qualifies to take this type of loan. The terms and conditions of this loan stock are as per the Uniform Code of Military Justice which governs the code of contact for soldiers. Credit history is not required when taking a military loan, thus banks would not even bother to do a credit check because of the strictness of the code that govern the members of the armed force.
The application process is very simple. This can be done over the telephone with a consultant from the bank or by completing a simple online question and answer form. The information required includes your name, residential address, military force and identity number as well as your employment details. This information is supported by physical documents that you have to fax or e-mail to the bank. These documents are your identity document and contract of employment. The proof of your residential address is not necessary because the application and authorization process is governed by the Uniform Code of Military Justice, thus the risk of default is reduced. It is important to note that the contact of employment will bear information such as your barge number, your salary indication as well as the payday which is used to ascertain the amount of loan that you qualify. Also, your banking details are required for an immediate transfer of the money.
Military loans are authorized within 24 hours. Once the bank received the necessary information and documentation the money will be immediately transferred in your bank account. In other words, the application and authorization processes are instant.
Why taking a military loan
If you are a member of the armed force, this type of loan was designed for you. The interest charge is flat and is not affected by your personal details but rather the military barge you wear. Military loans are used to raise additional funds to finance you day to day expenses such as food, cloth and school fees as well as other out of budget expenses. It is important to bear in mind that, if you fail to pay back the money you will be subject to disciplinary action as imposed by the Uniform Code of Military Justice.
