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If you are in active service in the armed forces, or you were in the past, then you will probably be eligible for a military loan. These loans are usually at a much lower interest rate than those available to civilians making them a very attractive proposition. For example army auto loans are popular.

In most cases a first time borrower will be allowed to borrow a maximum of $10,000. It does depend on your credit score though, a bad credit rating may mean you wont get as much. On the application form it will ask you how much you wish to borrow. Once your lender receives the application they must decide whether they can lend you the amount you request or some smaller amount – or none at all.

One of the best things about military loans is that they can be very quick to get in comparison to other types. For example some companies will receive your application and approve/deny it in a day, and then have the money transferred into your account within a day of the approval. This means you can get your hands on a large chunk of money relatively quickly.

If you have a bed credit rating, some lenders will still allow you to borrow money but often less and at a higher interest rate. You should be careful with bad credit military loans because they can often have much stricter terms and conditions. Sometimes companies will put large late payment penalties which you need to be wary of. A bit of research should be able to solve this problem.

If you’re currently in active service, your actual duty branch may be able to lend you money at an even better interest rate. This option could save you a lot of money. Whether you are getting a

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