As with any financial agreement, military loans requiring no credit checks have a number of pros and cons. The overriding factors are mostly positive, and so long as due care is taken when assessing the viability of applying for these loans, they can be highly effective in alleviating financial pressure.
The fact that a loan might require no credit check means the lender does not spend time guaranteed loan approval no credit check looking up credit histories. This means two basic things: firstly that immediate loan approval is possible; and secondly, that loan approval is practically certain – all that needs to be proven is that the income is large enough.
However, these military loans are generally small ($100 to $1,500), comes with higher than usual interest rates, and are repaid over a very short period of time, often between 1 and 3 months.
And because repayments are taken directly out of the paycheck of the borrower, it can have a detrimental effect on meeting general monthly obligations. Still, there are many positives, and here are three of the most prominent.