Military Loan Company
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A military loan company is a privately owned business that offers financial services to potential borrowers who are active duty or military retirees with pensions. They are professional lenders who specialize in providing for the financial needs of those who meet the company's requirements. They offer favorable terms and fast service along with a wide spectrum of loans for either purchasing a home, pursuing an education, consolidating debts, purchasing an auto or motorcycle, or alleviating bad credit loans. Payday or cash advances as well as personal financing are usually also offered.
It may be an independent corporation or owned by a parent company or a larger financial institution such as a bank and may have a Credit Union or mortgage company within its holdings. Usually military loan companies maintain close business relationships with other financial entities that advise and financially assist them in meeting their customers' needs. Active duty and military retirees with pensions who meet the specialized requirements are preferred clients so special efforts are made to expedite loans quickly at the lowest possible rates and seek a high rate of customer satisfaction.
Although a military loan company may handle VA financing, they are not a branch of a government agency. Nonetheless, all Federal laws must be abided by in their lending practices. The Federal Trade Commission regulates finance companies and the same Consumer Protection Laws such as the Truth-in-Lending and the Fair Credit Reporting Acts along with the Fair Debt Collection Act must be followed. On the other hand, if a borrower defaults on a loan with a military loan company, the company will immediately report the situation to the borrower's Commanding Officer as well as the default adversely affecting that person's credit rating.
As in any financial decision, it is advisable to compare contract terms and payment arrangements with other borrowing choices. For example, on some types of loans, individual Credit Unions have been known to have competitive rates that can be lower than the available terms offered by military loan companies. Some are strictly web-based enterprises and this aspect may make a difference to those borrowers who prefer in person contact with their lenders. By checking into several financing options with military loan companies as well as other commercial lenders, active military and eligible pension retirees will be able to locate the best terms for whatever loans they need. And, most importantly, "If ye will not believe, surely ye shall not be established." (Isaiah 7:9b)
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