Military loans are given to military personnel only.  They are given special privileges and facilities compared to loans given to civilians, because the moneylenders find greater security in giving loans to soldiers than loans given to civilians.  There are many types of loans given exclusively to military personnel and they are generally called as military loans.
 

Pros

·         All the information, application forms, procedure, rules and regulations, etc., is available over the Internet, besides the military offices.

• The loans are given to persons with active employment in the armed forces, as well as to ex-armed force personnel who have served at least for a period of 20 years or more.  Some moneylenders may do credit checks and background investigations.
  
• Army, Air Force, Navy- Marine Corps Relief Society, the United Service Organizations, other military organizations, banks, financial institutions, and private moneylenders provide the military loans.  Many of these organizations provide interest free loans.  The soldier is free to avail the loan from any source of his or her liking.
  
• Each loan applicant is looked after a credit officer who personally counsels and reviews the credit history, and repayment capacity of the applicant.  Specific message centers are put up to facilitate communication between the credit officers and the soldiers.  These message centers supply guidance, statements, and other information regarding the status of the loan.  Message centers can also be logged online.
  
• Submission of application forms, processing, evaluation, awarding of the loan, and disbursement of the loan may be done over the Internet.  Online applications are processed within a day with zero processing charges.  The loan amount is directly transferred to the respective bank account of the soldier from where easy withdrawal can be done as per the needs.  However, personal visits, checks via regular US mail, face-to-face meetings, are also possible, besides online transactions.
  
• Loans usually range from $500 to $10,000 depending on the credit standing and repayment capacity of the loan applicant.
  
• Availing more loan while the current loan is going on, is possible, if the remaining amount of the current loan is not big, or if the soldier has a higher repayment capacity.
  

Cons

·         Many private moneylenders offer same day cash loans, but they charge higher interest.  They open up their shops near military bases, and have names that attract soldiers, like “Army.com”, “Armed Forces Loan”, etc.  They even employ ex-army personnel to lure soldiers.  The credentials of such companies should be verified with Better Business Bureau and the local Chamber of Commerce, before entering into any transactions with them.

• A loan is after all a loan, whether it is a military loan or any other loan.  It carries with it a financial responsibility, and has to be repaid in time.  Failure to repay, or skipping payments can attract legal action, and in extreme cases, may even invite suspension from the armed forces.
  
• A soldier should fully understand the advantages and disadvantages of taking a loan, and then proceed accordingly to his or her best understanding.