| Whether that means an active soldier, away for | | | | circumstances. |
| months at a time from his financially-struggling, young | | | | In fact, one of the most important advantages of |
| family, or a veteran and his wife, without adequate | | | | Army loans is that even those with bad credit can |
| resources to provide for their retirement. All | | | | apply. Army loan institutions will often help applicants |
| members of the Army team deserve to live | | | | to re-establish their credit rating. Most loan officers |
| according to a standard of living that the Army can | | | | are former soldiers - they understand the demands |
| be proud of, which means that their needs - be they | | | | of the position, both personally and professionally. |
| physical, material, mental or emotional - are being | | | | They also understand that active-duty soldiers often |
| met, both for themselves and for their families. | | | | face unique credit issues. If there is something on the |
| But what are soldiers and veterans to do when | | | | credit report which appears concerning, an Army loan |
| Army wages are not sufficient to meet those needs. | | | | officer will contact the applicant to clarify to problem, |
| No matter what their needs are, Army loans are | | | | rather than dismissing the application out of hand, like |
| available to ease the burden. Army loan institutions | | | | a bank or traditional lending institution. Even if, due to |
| often operate on-line lending facilities, with applications | | | | bad credit, the loan officer is unable to grant the full |
| available to be filed out on-line. Processing is quick and | | | | loan request, a smaller loan is often granted. |
| confidential. Eligibility for an Army loan typically | | | | Also unlike bank loans, Army loans are processed |
| extends to any retired or active duty solider, | | | | much more quickly. A decision about making a loan is |
| although some financial institutions may apply | | | | usually taken within one business day of receipt of |
| residency restrictions. | | | | application. Once a loan has been approved, funds |
| Personal loans are subject to credit considerations | | | | can be direct deposited, which means that service |
| and guidelines, as well as other restrictions. Army | | | | personnel can have the money in as fast as 24 hours. |
| loans typically range from $500 to $10,000. As with | | | | Direct deposit to a checking or savings account is not |
| any other personal loans, the total amount of the | | | | only the fastest method, but also the most secure. |
| loan is determined by a loan officer, who evaluates | | | | Once the money is wired, it is available for immediate |
| one's ability to repay the debt. Ability to repay debt | | | | withdrawal. If direct deposit is not feasible for the |
| is a function of income, other debts and one's general | | | | applicant, a check can typically be sent, although this |
| credit history. With Army loans, however, added | | | | is obviously a much slower process, especially if the |
| attention is paid to the service member's individual | | | | soldier is overseas. |