Personal loan while in the Army?

My fiance is in the military. He just opened a bank account. Besides that, he has no credit at all. Taking into consideration that he's in the Army, what are the chances he can get approved for a personal loan of $5,000 - $6,500? Is it easy for you guys in the military to get approved for things like this?

Personal loan while in the Army?

His best bet would be to join the credit union on the post where he's stationed. Nearly every military installation has at least one. The next best choice would be the bank where his paycheck goes.

A loan that size could be tough if he's only an E-1 to E-3. The higher your rank, the easier it gets since your income is higher.

I had a number of personal loans of that size when I was on active duty, though all were after I made E-5.

Personal loan while in the Army?

I don't know about the states but Canadian soldiers are not supossed to get personal loans

Personal loan while in the Army?

With no credit history it is going to be very hard because finance institutions qualify based on your credit, He may be able to get a loan if he has at least 2 years work history in the military, does he have any collateral?

If they do give him a loan I am sure that he will not be to thrilled with the interest rate.

But someone will give him the loan, there are 2 many banks out there.

Personal loan while in the Army?

I don't know the chances, you'll have to ask a financial professional. However, the military has alot of services set up and financial planning options, and considering the commitment involved with the military, he's probably more likely to get a loan than the average (non G.I.) Joe in a similar situation.

A simple google search will yield several online sites like

www.usmilitaryloans.com.

You may want to inquire on base about financial planning and other options available.

First Command probably does loans as well.

Their website says %26quot;First Command Financial Planning, Inc., develops and delivers comprehensive financial services to assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams.

Sounds like exactly what you're looking for, right?

Good luck!

Personal loan while in the Army?

if you strugle for loans then it will give a opinion on you that you are not willing to serve dedicatedly in an arm forces. your intention is just to fullfil your needs thats it, better you need to achieve in your performance

Personal loan while in the Army?

he should have joined the military credit union and ask them for a loan, they know they can get paid before he gets the rest of the check so its easier that way.

Personal loan while in the Army?

Since he just opened a bank account, I am assuming he hasn't been in very long, because the military requires direct deposit on the paychecks. That being said, if he is a new soldier and fairly low-ranking, that kind of loan will be really difficult to get, simply because of his low-income and lack of credit. If it is for an emergency, tell him to talk to AER (Army Emergency Relief). They provide grants and interest-free loans for emergency situations.

Also, make sure he doesn't go to one of those pay-day loan places. They are everywhere near military bases, and they will rip him off with the insane interest rates and repayment penalties. When it's all said and done, you can end up paying 300% in interest over the life of the loan. Congress has even tried to make it illegal for them to target military. Many young soldiers have gotten into a lot of financial trouble using pay-day lenders. If he does take out a loan, have him take it to the Consumer Affairs Office on post to review the terms before he signs anything. They are like the Better Business Bureau of the Army, and they can help make sure he isn't getting ripped off.