Personal Loans for the Military – Instant Approval for Individuals in the Military?
Posted on | January 27, 2010 | No Comments
If you are currently in the military and you are looking to borrow money then you might want to consider a personal loan. There are many personal loan lenders that give special incentives to those in the military. Some lenders actually state that they will instant approve anyone who is currently in the military. If you can prove you are fighting for our country then you will be awarded with instant approval.
We are currently seeing the average interest rate for personal loans between 12% and 18%. It is very important to understand that the interest rate you get your personal loan will depend on your credit score. If you are in the military your income will not be as significant because you work for the government and that income is about as guaranteed as it can be.
If your credit score is well below 650 and you have missed several bill payments in the last six months then you are going to find it extremely difficult to get an interest rate in this range. You can expect an interest rate closer to 20% if you are considered bad credit. The only thing you can do to improve this interest rate is to take the necessary steps to increase your credit score.
The number one way to increase your credit score and make sure that it stays high is to pay all your bills on time and in full. If you already do this another method to increase your score is to make sure all your high interest debts are not close to their max. If you have a credit card that is at 26% and it is closed to maxed out you will want to pay this down as soon as possible.
Author: Mike Garner
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