FAQs
Can I Apply over the Phone?
Yes you can, but the fastest and most accurate way is for you to complete our online application. Click here to apply online now.
Who Can Apply?
Military Loans of America specializes in loans to US Active Military and US Career Retired. We accept, process, and consider loan applications from all ranks and branches of active-duty and 20-year career-retired service members, as well as Department of Defense employees (above GS-4) and US Postal Workers. For those in the US National Guard or US Military Reserves, Military Loans of America has alternative finance methods that may fit your needs.
How does a loan secured through Military Loans of America help me?
Military Loans of America helps military members secure hard to get product financing through a network of lenders. Once a client submits a loan request through our site, our credit specialists immediately negotiate the loan amount, term and interest rate for our clients with these lenders. Once you are approved, a representative from Military Loans of America will notify you about your approval and assist you with your product selection and set up your delivery preferences.
Do I need good credit to apply?
Credit history is only one of the criteria used to evaluate each loan request. We look at more than your credit score; a unique scoring model recognizes the frequent moves, deployments, and financial situations service members face. This allows us to better judge a military customer's credit risk and price our military loans fairly and accurately.
How much can I borrow?
Military Loans of America provides product loans that range from $500.00 - $10,000.00
What loan amount do I qualify for?
Loan amounts are based upon amount requested, your credit history, military rank, years in service, ETS, and debt-to-income ratio. We are unable to pre-qualify you by phone; you must apply online so we can look at your entire credit profile. If we are unable to accommodate your requested amount, but can offer you a loan for a lesser amount, we will communicate that offer to you.
What kind of products does Military Loans of America secure financing for?
Military Loans of America provides the today's military with premier products and services. Military Loans of America secures financing for computers, jewelry, home and auto electronics, furniture, televisions, rims & tires and many more consumer products.
How do I know if I am eligible to apply for a loan?
If you are career retired or full time active duty (Army, Air Force, Marines, Navy or Coast Guard with at least eight months before your separation date), you are eligible to apply for a loan with Military Loans of America. Residency restrictions may apply.
How long does it take to get my product loan approved?
Military Loans of America is committed to securing a loan decision minutes from receiving your complete application. Your application will be considered complete when all questions have been answered on the application and a current end of month LES has been received by Military Loans of America. Please be sure to provide accurate phone numbers and email addresses on the application so a loan specialist can contact you easily regarding your military loan application. Residency restrictions may apply.
What is my estimated payment?
We can estimate your payment once we have your approval and know which products or services you’ve chosen for your loan. Please be advised that this is only an estimate and the final payment will be determined by the options you choose during the process. In any event you will know the exact amount of your payment and amount financed prior to any commitment on your part.
I'm having trouble downloading my LES, what can I do?
Give a shout toll-free @ 877 552 5511 or text 757 755 1565, or email us at credit@MilitaryLoansAmerica.com, and our experts will guide you through the process.
What if I have bad credit, can I apply?
Absolutely, if you have bad credit, or no credit, we can help you get credit worthy. Military Loans of America considers each online loan application individually and very carefully. If there is something on your credit which appears problematic, we will contact you and discuss it. Other companies may not offer you a loan due to bad credit, with Military Loans of America there is hope!
What is my "Home of Record" address?
It is your address of record—normally, this is the address you listed when you joined the military.
What are your interest rates?
A specific interest rate or APR is not determined until time of application so we can consider your entire credit profile. We offer product loans with APRs as low as 18% and voluntarily comply with both the 2007 Military Lending Act (MLA) and the FDIC recommended small-dollar loan guidelines. The maximum current APR you may receive is 27.99% Applicants with strong credit histories can likely expect a more competitive rate than those that are new to credit or have past credit issues.
How many payments do I have to make before I can re-apply?
Each loan request is evaluated individually. While we would like to see a minimum of six payments to establish a satisfactory payment history on your existing loan, we welcome our customers to apply at any time.
Can I use a Mid-Month LES?
For active duty military personnel, Military Loans of America's lenders require an end of month LES in order to begin processing your loan application. Our lenders credit guidelines do not allow us to accept a Mid-Month LES.
What is my estimated payment?
We can estimate your payment once we have your approval and know which products or services you’ve chosen for your loan. Please be advised that this is only an estimate and the final payment will be determined by the options you choose during the process. In any event you will know the exact amount of your payment and amount financed prior to any commitment on your part.
How many payments do I have to make before I can re-apply?
Each loan request is evaluated individually. While we would like to see a minimum of six payments to establish a satisfactory payment history on your existing loan, we welcome our customers to apply at any time.
Can I make a payment by credit card?
Our lenders offer several electronic payment options. In addition to our normal repayment options, at least one of our lenders has partnered with Western Union to provide Quick Collect Payment Services using your credit card.
What is an EFT?
An Electronic Funds Transfer or EFT, allows for your payment to be electronically withdrawn directly from your checking account(s) or, in some cases, from your savings account(s).
How do I repay my loan?
We have several repayment options for you to choose from, each with features and benefits designed to help you protect your credit history. Our two most popular options include:
Allotment—This is an automatic deduction that comes out of your paycheck.
Electronic Funds Transfer (EFT)—This is an automatic withdrawal from your checking account
How is my interest rate determined?
Interest rates vary by customer and consider several factors, including credit history (based on a consumer credit report), military rank, years of service, and debt-to-income ratio. As we look at the entire credit profile, we are unable to determine a specific interest rate until completion of application.
The interest rate is based on the likelihood of an applicant to repay the loan. A helpful way to understand loan interest rates is to look at how car insurance is priced—the lower the risk, the lower the rate.
Credit profiles are defined by a unique Military Scoring Model which takes into account the military lifestyle when making a loan decision.
What is APR?
The Annual Percentage Rate (APR) is the cost of your loan at an annualized rate. This includes any mandatory costs or fees that are shown on the most recent disclosure statement associated with your loan.
Can I get a Payday Advance Loan?
Military Loans of America specializes securing product loans through military specific lending partners. We do not offer any PayDay loans or any other short terms lending options.