12 Month Military Base Loans - Killeen TX, Norfolk VA, Fayetteville NC, Charleston SC

12 Month Military Base Loans – Killeen TX, Norfolk VA, Fayetteville NC, Charleston SC

Our documentation today is regarding lenders and borrowers in arguably the four largest military bases in the United States. We will be discussing military loans in the following four installations; Fort Hood Army base in Texas, the Norfolk Naval Station in Virginia, Fort Bragg Army base in North Carolina, and finally (and NOT least!) the Charleston Air Force Base in South Carolina.

All of these loans were approved by lenders who provide financing to personnel who are in the Army, Navy, Air Force, Marines, or Coast Guard. They also have one other thing in common – they are legally allowed to provide loans to applicants who are serving in the forces.

There are specific guidelines that lenders must adhere to if they want to lend money to applicants and borrowers who serve in the Armed Forces. These guidelines are actually hard and fast laws set forth by the Federal Government for one reason, and one reason only – to protect all of these applicants from predatory lending practices. You can see more on this here or perhaps here.

Of course, it makes sense that the vast majority of borrowers who find our site (looking for military loans) initiated their online search from cities like Killeen TX, Norfolk VA, Fayetteville NC, and Charleston SC. Of course, lenders who service military personnel are coast-to-coast generally, and there are a handful of popular lenders (such as Pioneer Lending) who cater specifically to these borrowers online, but these four different cities have a fairly dense concentration of lending facilities nearby, due these large military bases.

The other thing that these loans have in common with each other is the term length being 12 months (one year). Out of these four chosen military loans we have a $3000, $2000, $4000, and a $5000 loan.

Fort Hood, TX/Military Loan for $2000 (12 mo.) $2k Loan Bad Credit Loan (12 Month ML)

So our first loan goes out in Fort Hood, which is adjacent to Killeen Texas, and this lender services areas all throughout the United States and does a fair amount of business in Temple, Austin, Fort Worth, San Antonio, Georgetown, and Waco. Makes sense, because all of the cities are fairly close to the Fort Hood base. You can see all this information I’m going to detail in the table below if you prefer that kind of format.

With this loan the borrower is an active duty Pvt. (enlisted) man at the age of 22 years old. He wanted a $2000 loan but he wanted the payments to be spread out over a period of 12 months. He wants to have an installment loan with a reasonable payment per month – something he could afford without cutting too much into his monthly military pay. This is exactly the kind of loan he ended up getting with the approved lender. We have about 15 different lenders within our secured system who provide loans to military personnel all across the globe because they work in an online facility.

As the mathematics play out on this loan the monthly payments ended up being just shy of $200 a month and the loan amount was $2000 (as mentioned above). The effective APR (annual percentage rate) came in at 18.3% and this made the total interest on the note $366 in total paid to the lender. The total amount of money that the lender received from this serviceman was $2366. As you can see, at $197 a month, this was a fairly easy loan to pay back over time.

We always get applicants asking if we have any lenders that guarantee approval, and the answer is always the same – generally, no. You will see lots of different companies online claiming that they provide military loans with guaranteed approval, but frankly they’re just saying that to get as many different possible borrowers on their websites. There is almost a such thing as a guaranteed loan. So I want to get that of the way right now.

We should also point out that the nomenclature acronym for these loans is ML (military loans). And as shown in the bullet points below, this lender provides financing of small personal loans to enlisted and retired personnel in the Coast Guard, Army, Navy, Marines, and Air Force.

There are thousands and thousands of servicemen and servicewoman streaming through the Fort Hood Army Base and the lenders that service them have a great deal of profit to make, so it’s important that they don’t mess up and start using predatory lending practices – because they will be shut down.

This serviceman had a credit rating number of 402, which certainly put him into the high risk applicant category, and this explains the high interest rate on this loan. Keep in mind that the APR we use on this site is the “effective APR” and not the APR that the lenders advertise. The effective APR is the amount of interest that is actually paid back to the lender after all fees have been included.

ML Cat. / 12 Month Loan for Military Personnel in Fort Hood, TX;

Loan Amount: $2000
APR: 18.3%
Monthly Payment: $197.17
Total To Lender at Term End: $2366
Total Interest: $366
Loan Term Length: 12 months
Guaranteed Approval: Used to be – not confirmed any longer (maybe, please advise)
Borrower’s Credit Rating (FICO#): 402
Loan Product Nomenclature: (ML)
Applicant’s Military Base: Fort Hood Army Base, TX
Other Nearby Areas Lender Services: Temple, Waco, Austin, San Antonio, Fort Worth, Georgetown, Belton
Major City Near Base: Killeen, Texas (see loan posting)
State: Texas
Lender Classification: Military Loan Provider
Loans to Coast Guard Personnel: Yes
Loans to Army Personnel: Yes
Loans to Navy Personnel: Yes
Loans to Air Force Personnel: Yes
Loans to Marine Personnel: Yes

Norfolk, VA/Military Lender Approving $3000 (12 mo.) Norfolk Virgina Military Lender for 1 Year Term ($3K)

Our second loan today is documented from Norfolk Virginia at the Norfolk Naval Station, which is fairly close to areas such as Virginia Beach, Newport News, Hampton, Suffolk, Smithfield, and Chesapeake. There is a large population of military servicemen and servicewomen in this part of Virginia and as you can imagine there are lots of military loan providers in the area that are looking for people to lend money to.

This young servicewoman needed to get a loan for $3000 so she could do some traveling to see her parents who live back in Phoenix Arizona, and she wanted to see them in the worst way. She had been overseas on her second tour in Afghanistan, and she was glad to be back home in Virginia, but she really wanted to see her family back in Arizona. So basically this was a travel loan.

This applicant has a bad credit rating with a score of only 382 (which is very low), and will certainly put anyone in a position where they can’t get approved by your traditional bank. This is her story.

As mentioned, she wanted a loan for $3000, and she was approved by one of our military lenders at a rate of 16.73% on the note. The total interest on the note was just over $500 for the year (this borrower wanted the loan to be paid with 12 easy monthly installments as well), and the monthly payment came to just under $292. The total amount of monies paid back to the lender in this case was proximately $3500. This also is not a lender who will guarantee approval. We will keep pointing this out until it sinks in with all of our readers.

This Virginia lender approves loans in their State only a includes all of the different branches of the military of course; Army, Navy, Air Force, and Marines.

GBCL 12 Month Loan for Military Personnel in Norfolk, VA;

Loan Amount: $3000
APR: 16.73%
Monthly Payment: $291.83
Total To Lender at Term End: $3501.90
Total Interest: $501.90
Loan Term Length: 12 months
Guaranteed Approval: No
Borrower’s Credit Rating (FICO#): 382
Loan Product Nomenclature: (ML)
Applicant’s Military Base: Norfolk Naval Station, VA
Other Nearby Areas Lender Services: Virginia Beach, ChesaPeake, NewPort News, Hampton, Suffolk, Smithfield
Major City Near Base: Norfolk
State: Virginia
Lender Classification: Military Loan Provider
Loans to Coast Guard Personnel: Yes
Loans to Army Personnel: Yes
Loans to Navy Personnel: Yes
Loans to Air Force Personnel: Yes
Loans to Marine Personnel: Yes

Fayetteville BCL – Ft. Bragg, NC Loan (ML / 1 yr. + $5K)

NC Borrower – Based in Ft. Bragg – 12 Month Installments ($5000)

Our third loan comes to us from Fort Bragg Army base which is in North Carolina (just in case for some crazy reason you didn’t know that already). Most of the visitors to this page will know, full well, these facts in regards to these military bases and the different lenders that are available to them in the nearby cities and towns.

Most of the servicemen and servicewomen who use this website are familiar with only a handful of the lenders we have on board, and are usually surprised to find out that there are actually military loan providers who are not running prominent websites with easy to fill out application forms (such as Military Financial for another example).

The credit score for this borrower was 486 which is also very low, resulting in a high effective APR on the loan. This loan ended up being an APR of 13.66% and the monthly payment for the year was $473 (and change). The total amount paid back to the lender at the end of the one year term was just under $5700 ($5683 to be precise). The total interest on this note was $683, which isn’t that bad in the long run – as long as you don’t miss payments and default in any way, shape, or form. The total principal on this loan was $5000.

This young serviceman is a Pfc. in the Army and he has been stationed in Fort Bragg for two years now. He has seen a little bit of action along the border of Pakistan and Afghanistan, but because of his applications and skills he is now training young recruits in Fort Bragg. This is the reward you get for being really good at your job I guess.

The nearest major city to Fort Bragg is Fayetteville – and Raleigh, Charlotte, Greensboro, and Rockingham North Carolina are nearby (somewhat). The lion’s share of military lenders in North Carolina are located near Fort Bragg which makes sense when you think about their business model.

This lender also provides loans to servicemen and servicewomen in the Coast Guard, Navy, Army, Air Force, and Marines.

12 Month Loan for Military Personnel in Fayetteville/Fort Bragg, NC;

Loan Amount: $5000
APR: 13.66%
Monthly Payment: $473.58
Total To Lender at Term End: $5683
Total Interest: $683
Loan Term Length: 12 months
Guaranteed Approval: No
Borrower’s Credit Rating (FICO#): 486
Loan Product Nomenclature: (ML)
Applicant’s Military Base: Fort Bragg Army Base, NC
Other Nearby Areas Lender Services: Raleigh, Charlotte, Greensboro, Rockingham
Major City Near Base: Fayetteville
State: North Carolina
Lender Classification: Military Loan Provider
Loans to Coast Guard Personnel: No
Loans to Army Personnel: Yes
Loans to Navy Personnel: Yes
Loans to Air Force Personnel: Yes
Loans to Marine Personnel: Yes

Naval Weapon Station, SC/12 Month Loan for Enlisted Pvt.

$4000 Loan for 12 Month Military Loan Agreement

Our last 12 month loan is also not guaranteed for approval by this lender, and is out of the Charleston Air Force Base in South Carolina. Hence the image above.

This borrower had a credit score of (FICO) 376 at the time of application and approval. His credit score was quite bad due to some past defaults and bad payment histories on his file with the different credit agencies, such as TransUnion, Experian, Equifax, and Fair Isaac.

There were three other loans approved out of Charleston Air Force Base the same day this loan was approved, just to give you an idea how much lending is going on there and the size of the base.

This money was borrowed at an APR that was advertised at 11%, but because of all the penalties incurred by this borrower, the effective APR ended up being 38.32%. As a result, we have removed this lender from our system (and our database) as we believe this kind of effective APR is predatory, and even if they are legal, we don’t like the smell of it.

The total amount of money that this lender got back from the applicant was $5500 approximately ($5532.80 exactly). The total interest on this note was $1500 (or roundabout) and the monthly payments were installments of $460. When you consider this applicant was trying to clear off some credit card debt(s) on their American Express card and their Visa card, it wasn’t such a bad deal because at least the debtor got everything consolidated into one loan for the year.

Luckily for this serviceman he managed to pay all of his payments on time and in full. He cleared up all of his credit card debt that year (2011), and managed to get things back on track. Unfortunately, there are thousands of other people serving in the Army, Air Force, Marines (etc.), that are not as lucky. Many end up being in a worse financial position than they were before because of the growing interest that is building on these high APR notes.

Some of the nearby areas that this lender services include, Moncks Corner, Georgetown, Myrtle Beach, and North Charleston. This lender has questionable practices in regards to effective APR and penalty costs levied on the borrowers, but they are still in business to this day.

12 Mo. Loan – Military Personnel in Charleston, SC;

Loan Amount: $4000
APR: 38.32%
Monthly Payment: $461.06
Total To Lender at Term End: $5532.80
Total Interest: $1532.80
Loan Term Length: 12 months
Guaranteed Approval: No
Borrower’s Credit Rating (FICO#): 376
Loan Product Nomenclature: (ML)
Applicant’s Military Base: Charleston AFB (Air Force Base)
Other Nearby Areas Lender Services: North Charleston, Summerville, Moncks Corner, Georgetown, Myrtle Beach
Major City Near Base: Charleston
State: South Carolina
Lender Classification: Military Loan Provider
Loans to Coast Guard Personnel: Yes
Loans to Army Personnel: Yes
Loans to Navy Personnel: Yes
Loans to Air Force Personnel: Yes
Loans to Marine Personnel: Yes

Conclusion of Military Lender/Debtor Transactions

So this wraps up these four different loans taken out by military personnel in the four bases above. We covered these bases first because they had the highest concentration of loans being approved through our website in the last year. We will be doing other installments on different lenders and different borrowers in other military bases across the United States.

We will be including such bases as Fort Campbell in Kentucky (101st AirBorne), Eglin AFB in Florida, the Naval Air Station in Jacksonville Florida, and Fort Lewis/McChord in Washington. After we have included enough information on all of these bases back home here in the States, we will of course keep including some of the loan amounts and the effective APR we see from lenders in our system – AND lenders outside of our system.

If you are an active duty service member, or perhaps a retired veteran, who needs to get approved for a loan, you can do so using the quick pre-application form below. We have a couple dozen of different lenders who provide small loans such as these (between $1000 and $5000) to military personnel. Make sure you try and put as much detail as possible in regards to the purpose of loan, and a little bit about yourself. Make sure however, that you never include your last name, actual address on barracks or off, phone numbers or e-mails. The only place to put your e-mail is in the required field below.

List of Competing Miltary Lenders

Some of these lenders don’t do credit checks for military appplicants;

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12 Month Military Base Loans – Killeen TX, Norfolk VA, Fayetteville NC, Charleston SC