Many individuals that currently serve as an airman, sailor, soldier or a marine need a loan. It may be for an unexpected bill such as a home repair, car repair or for emergency travel. When a member of military needs money right away, they do not have much time and their choices are limited. Credit unions and regular banks often prefer not to give a member of the military a loan because of their low income, frequent deployment and relocation along with their time constraints.
Pioneer Services military loans are unsecured personal loans that are offered only to active members of the armed forces. This loan company designs their services around the military personnel’s mobility, limited resources and time restrictions.
How Are Pioneer Services Loans Different Than Payday Loans?
Unlike a Payday loan, this company offers loans with monthly payments that remain the same and have specific time periods to pay the loans in full. Unpaid Payday loans may rollover into another loan which adds to a dangerous cycle of never ending debt.
In fact, the Center for Responsible Lending (CRL) conducted research on Payday loans and found the following drawbacks:
- When calculated as a yearly percentage rate, the charges are at least 390%. The CRL study determined that the typical Payday customer paid $800 in charges for a $325 loan.
- The majority of Payday loans do not consider the person’s financial ability to repay the loan.
- The loans are often 2 weeks and do not permit individuals enough time to save to repay the loan.
- Active members of the military use Payday loans 3 times as much as civilians often because of how fast they can obtain a short-term loan.In contrast, the Pioneer Services company provide loans with up to 36-month terms. The loan amount can be from $500 to $10,000 and their interest rates compete with banks and credit unions. The loans are offered on a equal basis to all military branches and ranks. An military member can also get a loan to consolidate high interest credit card debt and can significantly save on interest charges.
Here are several important points to consider about Pioneer Services military loans:
Pioneer does not use the standard credit score information. It uses a separate military scoring model. Unique factors are taken into account that relate to serving in the armed forces and that may have caused a low credit score.
The company has a 15-day guarantee without any penalties or interest fees. Individuals simple return the amount of money that was loaned.
The company offers a HELP loan with 4 installments and a total charge of $25.
A $50 deposit will be made into an individual’s saving account whenever they pay back a $1,000 loan early.
The company has been a member of the Better Business Bureau since 2006 and has an A+ rating.
Applicants may obtain as much as $1000 with no interest for 3 months.
An individual may receive a $1,000 loan with a 9.95% interest rate loan for bereavement, home leave travel, disaster relief, convalescence or for a family emergency.
The company has a same-day guarantee to help individuals with emergency situations.
In addition, a military member is required to have a recent copy of their LES to obtain service right away.