• Paying more than the minimum will actually save the consumer money because of decreasing the amount of finance charges. A person could save hundreds of dollars in interest and finance charges by paying an extra $20.00 or more per month.
• Increasing credit line: when more than the minimum payment is made on a credit card, it increases the line of credit available each month, which can come in handy during an emergency.
• To prepare for applying for a mortgage: when a consumer is planning on making a big ticket purchase in the future, it is a good reflection on credit to pay things off in a timely manner. Raise the minimum payments on credit card balances which will show you are reliable and can pay off obligations in a timely manner.
• Improve credit score: when a credit card balance is high in comparison to your credit limit or income to debt ratio, it could result in having a detrimental effect on credit score. Paying the minimum balance only each month, does not really make much of a dent in the balance, so it is better to pay off more than required to get the amount down sooner.
• Pay off the balance sooner: Not only does paying beyond the minimum clear the balance of a credit card much sooner, it helps reduce the fees associated with interest and finances charges.

If a person only makes the minimum monthly payment on credit cards, it can take several years to repay the balance. A person not only wastes needless money on interest, but also subjects their credit to possibly taking a negative hit as well. To see the estimated pay off time of making the minimum only payment each month, there are online credit card minimum payment calculators which can give a person a good idea of what to expect. It is highly advised to add a bit more cash to that payment each month to get your balance down and avoid falling prey to living on credit and beyond monetary means.

The number of a person’s credit score will show the lender how good of a risk a person is when it comes time to pay back a loan. The higher a credit score is the better the chances are that a person is a good candidate to repay and the individual will get a better interest rate from the lender. A bad credit score not only not only costs a person thousands of dollars in high interest rates, but it may also mean the individual may not even qualify to receive a loan.

There are certain tips a person can do now to increase their credit score, and the following article is designed to inform people about what to do. In order to get credit and have a good interest rate a person needs to have a high credit score, everything goes hand in hand and one cannot happen without the other. The following tips can be used to improve your credit score:

• Pay bills on time: paying bills on time gives the lender a good idea of how timely a person has paid their bills in the past. Approximately 35% of your credit score is based upon credit history, and delinquent payments and collections actions severely damage a credit rating.
• Do not pay off closed accounts: sometimes closing an old account will actually reduce a person’s available total credit, which changes the amount of the income to debt ratio, which can in turn lower a credit score.
• Get a small loan: in order to qualify for a larger loan at some point in the future, a person should establish a firm credit history. If you are an individual that has little to no credit history, it may be a good idea to get a credit card with a small limit or borrow small amounts of money to establish credit. If you do not have debt you cannot possibly show a potential lender you have a good repayment history, so get credit in small amounts and make timely payments.
• Keep credit card balances low: a high level of outstanding debt can reduce a person’s credit score. If you max out your credit cards, it can result in a credit score plummeting by as much as 70 points. Do not close an account with a high interest rate, instead transfer the balance to a card with a lower interest rate and make payments in a timely manner. Shutting down an older card detracts from your credit record history and makes you seem less credit worthy, meaning you may not be considered for loans at some point in the future.

Following the above mentioned tips allows a person to be proactive about their credit score and shows simple things anyone can do to improve the rating. Always be aware of what is contained on your credit record and do not apply for too many loans at one time because it can actually result in a hit on your credit score. Although it may not seem like it now, paying bills on time and incorporating a few simple tips can help you improve your credit score and someday make you eligible for a loan to purchase the things you have always wanted.

No matter what you’ve accomplished this year, times are still tough.  Heck, our loan website exists simply because there are times when we need a little help.  And hopefully we were able to help you find the loan that you needed.

As 2009 closes and 2010 kicks in, we wanted to host a little contest to see who made the best use of their money this past year.  The winner will receive a $50 Wal Mart gift card compliments of the staff here at Mili-Loans.com.

To enter, all you have to do is email us in 200-500 words how you used your loan.

Yes, it’s really that easy.  We will post all qualifying submissions on our website, and then we’ll vote on which one is the best.  The winner will get a $50 gift card to Wal Mart.

Contest Terms

• You must be an active duty, guard or retired military member (or spouse)
• You must have submitted your email via our Quick Qualify form before December 29, 2009
• Submission must be between 200 and 500 words
• Content becomes property of Mili-Loans.com and may be published on our website with credit to author, if applicable
• Content may be used in future promotions
• Stories must be submitted before midnight, Jan 10 to qualify
• Submission should be mailed to: contest@mili-loans.com
• Included in email must be the phrase
  “I agree to the terms listed at Mili-Loans.com for the January 2010 Wal Mart contest”

Failure to complete these rules in their entirety may cause your submissions to be void and invalid.  Make sure you follow them all!

Generally speaking, military loans are viable financial options to military personnel and families because of their generally low-interest rates as well as the fact that for most members, qualifying and eligibility is usually not a problem, the application process is fast and easy, and approval is almost guaranteed for members in good standing.

Of course, income and credit are also major determining factors. However, most active-duty military members have a guaranteed stable and steady stream of income, lowering risk of loan default, which enables quick approval for military loan applicants.

There are many different types of military loans. First of all, there are particular military loans based on what sector of the military you have worked in or are currently involved with. There are Air Force loans, Army loans, Navy loans, Marine loans and Coast Guard loans. While you can find general military loans, it’s generally a good idea to stick with the loan type offered for your particular section of the Armed Forces. If you work in the Navy, for example, it just makes sense to apply for a Navy loan.

Military loans can also differ in their amounts as well as terms and conditions. Loans can vary in amounts from $500 up to $10,000. Some loans will have to be paid off sooner than others; some monthly payments are higher than others; some loans have higher interest rates than others.

Military loans also differ depending on what you want the loan for. For example, there are personal loans for your own use and spending, car loans to buy a new car, mortgage loans for a new home, and other military loans for home or car repairs, vacation and debt consolidation.

There are also military loans geared toward active-duty members, as well as loans meant for career-retired veterans. For example, VA (Veteran Affairs) loans are low-interest mortgage loans for eligible retired veterans to purchase, build, renovate or refinance a home.

Finally, another type of military loan is a payday loan. Payday military lenders provide short-term, often high-interest loans. While payday loans, especially as lenders are accused of targeting military personnel, are highly controversial, the reality is that they fill a need and can be helpful short-term solutions to unexpected expenses and other financial reasons for those in the military.

Are you or have you been involved in the United States military? Do you need a loan? Whether you are currently in active duty with the military or a retired veteran of war, the good news is that there are many different military loans that you could qualify for.

Military loans (also referred to as personal military loans, military cash loans or personal loans) are meant strictly for military personnel, and are specifically (and exclusively) geared toward the financial needs and goals of military members—both active and retired.

Army loans, Navy loans, Air Force loans, VA loans are all viable alternatives to traditional payday loans for military personnel. These loans are available to both men and women who serve in the Army, Navy, Air Force, Marines and Coast Guard. In addition, military loans are available for 20-year, career-retired military veterans. Further, current DOD workers over Grade 6 are also often eligible to apply for certain military loans.

Application is easy, and there are many different military lending sites and military lenders online that offer simple, straightforward and convenient online application forms. You could be approved for up to $10,000 in less than 24 hours!

Of course, several qualifications and even restrictions are involved with military lending. For example, you will need to provide proof of your rank and grade, of your military ID and sometimes LES, as well as a stable and high enough income, and acceptable credit. There are also generally terms and conditions for married, separated and divorced members. But most military personnel are approved and accepted to use the loan for whatever they need it for!

Some military personnel require mortgages with low interest rates, and military lenders can help with that. VA (Veteran Affairs) loans, for example, are mortgage loans meant for retired veterans. VA loans are generally given without any down payment or collateral necessary, and often carry significantly lower interest rates than other conventional loans.

Other possible reasons for officers, soldiers, sailors and veterans to opt for military lending include car loans, car and home repairs, medical bills and other unexpected bills and expenses, debt consolidation, education or other career-training advancement opportunities, vacation, and more.

No matter what sector of the military you are involved in, and whether you are in current active duty or you’ve been retired for 30 years, you will be able to find a military loan that suits your preferences, needs and goals.

First, you should understand that the fast military loans do have a maximum. You can generally only borrow up to $10,000 at a time. If you need a larger loan, there are other ways to go. With a little research you will be able to find a military benefit that can help you in such a situation. For the purposes of military loans in general, though, we must look at a maximum of $10,000. Once you have your money, then you should think about how you pay it back.

For most military loans, the member of the Air Force, Marines, or other branch of the military will get one full year, or 12 months, to pay back the money. The payments can be made a number of ways, which are totally up to you in most cases. You can pay monthly, weekly, or through your paycheck. It just depends on how you would like to set it up. Just remember, though, that even though the interest rate is low, you will likely be compounding it daily as your loan sits unpaid.

The most common way to pay back your military loan is through allotments. When the money is taken directly from your military paycheck to pay off your military loan, you are taking late fees out of the equation. In fact, some companies will require that you pay back your loan this way. They know the money is coming, you don’t have to remember to write a check each month, and your entire loan will undoubtedly be paid off in time. It is a great deal.

You should note as well that there are no pre-payment penalties on military loans. No matter how early you pay off the money you borrowed, you will only pay the amount. No fees, no extra interest, and no problems with early payment. That means that you can save on interest if you are able to get the money together earlier. Good news for you and your bank account if you are a military personnel.

Military loans are becoming a benefit that is used often by those in the Air Force, Army, Navy, Marines, or even National Guard. With the information above, you now have a better understanding not only of what a military loan is, but also how the repayment of such a loan is possible. It is a great way to get your emergency cash and the repayment is easy.

Military loans can actually be used for a number of purposes. You can use them for bills that are running behind, repairs on your car or home, or even child related expenses that can surprise you. You can even use the money for a much needed vacation or debt consolidation. New baby on the way? You can use a military loan to pay for that new nursery or baby supplies you need at the last minute. The uses for a military loan are endless.

There are actually several military loans available. Some are good for anyone in any form of the armed forces. Others are for individual branches. You can get Air Force loans if you are a member of the Air Force, Marine loans for the marines, Navy loans for the Navy, and so forth. No matter how you serve, you can get loan service.

Your military loan will offer you a number of advantages. First of all, the interest rate is generally well below that offered to civilians for a personal loan. They are definitely lower than credit cards as well, which makes them good for card consolidation. Secondly, military loans are quick. You fill out an application, gives some information, and are given an answer in a matter of hours. The money can then be sent to you by wire, mail, or even direct deposit no matter where in the world you are. In fact, you can even have the money sent to a family member. Finally, even if you have credit problems or some debt out there already, military loans can often be approved for you. They are structured to be paid back through your military pay in many cases, so that late payment or late fees are never a factor. The money is gone before you get it, which is good for you. Finally, there is rarely any penalty for early payment of military loans.

Military loans are a great way to go if you are in the military and in a financial pinch. The benefits above should help you understand what a great deal this is for you. Take advantage and consolidate your credit cards, go on vacation, or decorate the nursery for your newest addition. Military loans are there for you in almost any situation.

Pioneer Services is one company that offers military loans via an online application. There are actually hundreds of companies out there that can help marines, Army vets, and National Guard (all branches) personnel get their loans completed. Armed Forces loans, though, does give you the benefit of a very quick turn around of as little as four hours, no matter where in the world you may be. The process itself is actually pretty simple, as you will see.

First, you must go to their online application. The application asks you for your loan amount and turn. As for personal information, you need your name, social security number, date of birth, email, military email, and basic contact information. This part of the process is the same for most any military loan you get no matter who it is from.

Once your application is filled out and submitted, you still have to send your LES over. Without it, your online application cannot be processed for a military loan. Whether you are in the USAF, USMC, or Air National Guard, you need your LES to get the loan. That can be emailed over or faxed over to their offices. Once this is in, your application is ready to be processed by the company.

Once your application is in and you have submitted your LES to the company, you can await an answer to your loan application. Your military loan answer, unlike many traditional loans for civilians, will be answered in a matter of a few hours. In fact, you could have a response by email in as little as four hours. If you do not get an email reply, you simply have to call their customer service after the four hours and find out if you got the loan. This only applies during regular business hours. Once you have your military loan, you need to decide where and how you want the money. You will have your cash before you know it.

Military loans are becoming common among those in the armed forces. With companies like Armed Forces Loans, you will find that the entire process is incredibly simple. You have to fill out an application with general contact and personal information, submit your LES to the loan company for approval, and then await an answer. Since you get the answer on military loans so quickly, you can have the cash you need in a pinch in not time. The best part is, no matter where you or your family are in the world, the money can be sent to you. That is a great benefit to current or former military service in the United States.

Basically, a US military loan is one that is given out exclusively to current and former personnel from the US military, including National Guard. These loans offer interest rates below those offered to civilians and well below credit card and other loan rates. The loans are not secured by any sort of collateral, and the credit checks are minimal if done at all in many cases. Overall, the loans are a great way for those in the military to pay off bills, or help meet emergency situations. It is one of the many benefits to your military service.

So where do you get an armed forces loan? The short answer is pretty much anywhere. However, the best way to find where you can get a military loan is to look online. You can also go to the financial advisor for your USAF, USMC, or Army base and ask. They will be able to get you in touch with the right institution for securing a military loan to help you out.

Additionally, with a military loan, you can help out family. That is because, once you secure the loan, you can have the money sent to whomever you need to receive it. So, if you are stationed at an Air Force base in Germany, you can send your wife in Missouri the money she needs to fix the roof after a big storm. The loans have quick applications and are fast to pay you, so you will not have to wait when faced with a financial crisis. Also, if you are actively involved where you cannot apply for a loan, power of attorney people can actually apply on your behalf, which is a nice benefit.

So if you find yourself in a financial situation that requires a quick payout, then consider a military loan. Your service in the armed forces, including the USANG will be a benefit to you in your need for fast cash. All you need to do is jump online, fill out an application, and wait for the nearly instant response. In rare occasions you may need to provide more, but in most cases you will get your loan response in short order and will be able to get your money sent by wire, by mail, or by direct deposit wherever in the world you need it.

The general US population is taken for almost three and a half billion dollars per year in extra fees by payday lending companies. Since these companies have put together a business model made to reap rewards from repeat borrowers, they can be classified as predatory. One of their favorite targets are members of the US armed forces in the form of what they will call US military loans or sometimes Armed Forces loans.

These companies of found that members of the USAF, Marines, or even the National Guard are ideal as targets for these types of loans. You, as a government employee, have a steady income from the US government and you have a very little to spare in most cases. Then, deployment time comes, and your family needs money for extra expenses. That is where these companies step in. They offer your family a quick cash payday loan at a “military loan” rate. The truth is, though, that they are taking very little off the rate and are only offering you and your family a loan that will force you to borrow again down the road to cover the original loan. These places will happily “roll over” your loan for a fee each week. Eventually you are in a debt trap.

Glad I Avoided the Scams…
… and went with the best when it comes to military lending!

- PFC Tony Baylor, US Army

Avoid fake military lending sites – Apply Today!

The other thing that makes military personnel vulnerable to these payday loan traps is that they are often young and inexperienced with money. Then, as debt builds up, the indebted military personnel are embarrassed to admit their problem to their CO and end up continuing to borrow and pay only on interest and roll over fees. They are fearful for good reason, since failing to repay a loan violates a number of military codes that can result in jail time and or court marshal.

So what is the answer? Many of these fake military loan companies are being kept away from military bases. Additionally, they are being forbidden from using names that imply affiliation with the military, which is a common practice with these military loan payday check cashing stores.

In the end, it is up to you to beware. It is a good rule of thumb to simply avoid any payday loan store, but any that offer special military loans are likely just targeting you or your base for a cycle of debt you want no part of. If you have financial problems, many bases are even offering financial advice to young recruits. So ask for help, but avoid the trap that is payday military loans.