Loans For Military With No Credit Check
According to CBS News and other news agencies U.S. Military personnel have recently been plagued anew by the continuing problem of unscrupulous lending practices. The young people who enlist to serve their country are often far from home and away from traditional support networks of friends and family. Being young, inexperienced, under stress and lacking adequate guidance in financial matters they are easy targets for lending institutions that used sophisticated tactics to enhance profits at the expense of young service people.
According to the North Carolina Department of Justice, military personnel often fall prey to financial institutions who either sell insurance products or offer loans that are detrimental to the financial well being of service personnel.
These lending institutions often use the ploy of including the term “Military” in their name. This is done to induce service members into placing their confidence in the institution. Even though these institutions likely have little if any affiliation with the U.S. Military the institution advertises itself as being motivated by service to the members of the military rather than being driven by a profit motive. These lenders present themselves as striving to lend a helping hand to forlorn service members who feel they are experiencing financial difficulties. The lenders say they are there to help, by allowing the service member to focus on the demands of the service rather than bewildering financial problems. Unfortunately, many times the “help” offered by the lenders only makes the service member’s problems worse.
Lenders may guarantee special loans to service members if they can meet just the barest of criteria: such as, “Is the service member on active duty?” These lenders may present themselves as the friend of the servicemen and women by contrasting their “friendly” practices to those of banks and other traditional lenders. They use the lure of easy money by downplaying the importance of the service member’s credit history. There is no guidance as to responsible use of the money. It will be your money and if you want to blow it all in a weekend debauch in Cancun, well that is your concern. The only “consequence” of the loan that is typically advertised or discussed is that service members will experience peace of mind by solving their financial problems by taking out a loan, with military applicant’s acceptance (virtually) guaranteed regardless the applicant’s credit history.
Fathers in ancient Rome warned their sons and daughters about the dangers of the market with the words, “Caveat Emptor!” (Buyer Beware). The branches of the U.S. Military have an obligation to provide financial training and support to members of the armed services so they will be less likely to fall for unscrupulous offers of “Guaranteed military loans with bad credit.”