Often, these military personal loans are a service member's only lifeline during times of financial need. These loans are used for a variety of purposes, including emergency travel, debt consolidation, auto repair, gifts, and more. A couple of examples:

Example 1:
James M. was a soldier stationed in Europe and was part of a NATO peacekeeping force in Bosnia and other parts of Eastern Europe. When he joined the military he had a number of outstanding debts. He says that one of the smartest things he did after joining the Army was obtaining a loan from Pioneer Military Loans which he used for debt consolidation. He paid off his debts with the loan, and before he knew it, he says, he had paid back the Pioneer Loan by allotment and he was free and clear.

Example 2:
Soldier had already taken out one loan from his military credit union to repair his car. But his car needed another repair that cost $800 and the credit union wouldn't lend him any more money. So he applied with Pioneer and was able to obtain a quick military loan to save the day. Though, it may not be wise to incur too much debt and have too many loans, this was the Soldier's only option at the time.

Because it is relatively easy for service members to obtain military personal loans, we urge that service members consider all options before obtaining a loan. A couple of pitfalls:

- Because the military financial loans are relatively easy to obtain, some service members may borrow more than they should, making their future financial condition worse.

- Some companies charge military personnel exorbitant interest rates and fees that sometimes amount to 500% or more annual interest rates. After taking such loans, many people find themselves in a downward financial spiral of borrowing more money and more money just to pay the interest and fees. This is sometimes the case with military payday loans, which are somewhat different than standard military loans. Payday loans are generally short term loans where the service member borrows a set amount to be paid back on payday, plus interest and/or a fee. But sometimes the service member cannot pay back the loan on payday and the company is only too happy to roll the loan over for additional interest and fees. Some of these companies are located just outside the gates of US military installations. Some states have virtually banned payday loan stores because of their abuses.

Things to consider before obtaining a military cash loan: You may be able to obtain a lower interest, or no interest loan in certain situations through other organizations or entities. Interest-free loans or grants may be available from the Army, Air Force, or Navy-Marine Corps Relief Society, the United Service Organizations, or another base or military service organization for military personnel seeking short-term credit in response to a family or other emergency.

After considering these options, if you still are in need of a loan we recommend Pioneer Military Loans. Pioneer Military Lending is committed to serving the active-duty and career-retired men and women of our armed forces. Their secure and private online loan service is designed to provide you with the convenience and accessibility you need. They offer competitive interest rates and loan products for all ranks, and the online application is available 24 hours a day, seven days a week. All of their loan products are backed by their Four-Star Guarantee. If you're not 100% completely satisfied with your loan service, you can cancel your loan within 15 days at NO cost to you!

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