As with any financial agreement, military loans requiring no credit checks have a number of pros and cons. The overriding factors are mostly positive, and so long as due care is taken when assessing the viability of applying for these loans, they can be highly effective in alleviating financial pressure.
The fact that a loan might require no credit check means the lender does not spend time looking up credit histories. This means two basic things: firstly that immediate loan approval is possible; and secondly, that loan approval is practically certain - all that needs to be proven is that the income is large enough.
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However, these military loans are generally small ($100 to $1,500), comes with higher than usual interest rates, and are repaid over a very short period of time, often between 1 and 3 months.
And because repayments are taken directly out of the paycheck of the borrower, it can have a detrimental effect on meeting general monthly obligations. Still, there are many positives, and here are three of the most prominent.
Saviors in Financial Emergencies
Because military loans requiring no credit check can be approved so quickly, it means that they are ideal sources of funds in the case of a financial emergency. An unexpected bill or final notice can come through the door, and getting the money to meet the demand is impossible without a loan.
But an immediate loan approval means that the waiting period to access the funds is very short. In fact, some lenders are able to approve an application and deposit the loan sum into the bank account of the borrower within 12 hours. So, if a bill arrives on Monday afternoon, it can be paid in full first thing on Tuesday morning.
And of course, the range of situations where this kind of military loan is necessary is almost endless. Perhaps a mortgage repayment is about to be missed, or perhaps a medical emergency results in bills that were unplanned for.
No Lingering Debt
One of the negatives that people tend to point to can be looked upon as an advantage. When it comes to military loans requiring no credit checks, the amount borrowed is limited to around $1,500 and the repayments schedule to around 3 months. What this means is that the debt is repaid very quickly.
These loans are basically the same as the payday loans available to civilians. They share two things: immediate loan approval, and short-term repayment. The aspect of high interest rate differs slightly because of the security that comes with having the US government as an employer.
High interest rates on a $1,500 military loan can translate to a total loan cost of $1,800. That means that $600 is due each month for 3 months. While this is a large sum to take out of a paycheck in one go, it also means that the debt does not linger.
Benefits Credit Scores
The fact that military loans requiring no credit checks can be repaid so quickly also has long-term benefits. As is the case when any loan is finally cleared, the credit score of the borrower is adjusted. So, each time these short-term loans are paid off, the credit score improves.
This means that over time, the options available to the borrower improves, both in terms of the loan limits and the interest to be charged on those loans. It may be that immediate loan approval is not guaranteed, but larger loans can be secured to help clear other debts.
So, while a small military loan can play its part in dealing with financial emergencies, it also helps to rebuild the overall financial situation, and point towards a more secure future.
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