Military Loans

Military loans come in several varieties. There are military loans exclusive for active military personnel, loans for veterans and small business economic injury loans for reservists. The military loans for active military personnel can be personal loans, home improvement loans or auto loans created while on duty or loans for those called to duty to help their spouses with the initial expenses.

Many banks such as Wells Fargo offer military loans with special rates for those in the armed services. Other kinds of military loans available from other institutions include bereavement loans, career service loans and leadership VIP loans to name a few. Some loan institutions even offer military loans to Department of Defense civilians and National Guardsmen and Reservists. Because new recruits have very little money to spare at the end of the month, they are often targets to predatory lending practices, so caution for new recruits in seeking and accepting loans is advised.

Veteran's administration home loans are available for those who have served in the military and are no longer on active duty. The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration charged with the responsibility of administering the home loan program.

The purpose of V.A. loans is to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation. All veterans and other participants in the program are expected to be treated in a courteous, responsive, and timely manner. The VA Loan Guaranty Service promises to operate in the most efficient manner possible to minimize costs and ensure the best use of the taxpayer's dollar.

The Small Business Administration also has military economic injury loans. The purpose of the Military Reservist Economic Injury Disaster Loan program (MREIDL) is to provide funds to eligible small businesses to meet its ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-up" to active duty in their role as a military reservist. These loans are intended only to provide the amount of working capital needed by a small business to pay its necessary obligations as they mature until operations return to normal after the essential employee is released from active military duty. The purpose of these loans is not to cover lost income or lost profits. MREIDL funds cannot be used to take the place of regular commercial debt, to refinance long-term debt or to expand the business.

Since military personnel come from all walks of life and serve the citizenship like no one else does, special military loans have been developed for this segment of the population. With their special rates and specific intentions, military loans are a popular way to get needed cash when uncertainties arise.