For the U.S. Army to accomplish its mission, its soldiers must be secure in the knowledge that their well-being is provided for. However, for many soldiers and veterans, that sense of well-being is compromised by financial concerns: whether that means an active soldier, away for months at a time from his financially-struggling, young family, or a veteran and his wife, without adequate resources to provide for their retirement. All members of the Army team deserve to live according to a standard of living that the Army can be proud of, which means that their needs ? be they physical, material, mental or emotional ? are being met, both for themselves and for their families.



But what are soldiers and veterans to do when Army wages are not sufficient to meet those needs. No matter what their needs are, Army loans are available to ease the burden. Army loan institutions often operate on-line lending facilities, with applications available to be filed out on-line. Processing is quick and confidential. Eligibility for an Army loan typically extends to any retired or active duty solider, although some financial institutions may apply residency restrictions.

Personal loans are subject to credit considerations and guidelines, as well as other restrictions. Army loans typically range from $500 to $10,000. As with any other personal loans, the total amount of the loan is determined by a loan officer, who evaluates one's ability to repay the debt. Ability to repay debt is a function of income, other debts and one's general credit history. With Army loans, however, added attention is paid to the service member's individual circumstances.

In fact, one of the most important advantages of Army loans is that even those with bad credit can apply. Army loan institutions will often help applicants to re-establish their credit rating. Most loan officers are former soldiers ? they understand the demands of the position, both personally and professionally. They also understand that active-duty soldiers often face unique credit issues. If there is something on the credit report which appears concerning, an Army loan officer will contact the applicant to clarify to problem, rather than dismissing the application out of hand, like a bank or traditional lending institution. Even if, due to bad credit, the loan officer is unable to grant the full loan request, a smaller loan is often granted.

Also unlike bank loans, Army loans are processed much more quickly. A decision about making a loan is usually taken within one business day of receipt of application. Once a loan has been approved, funds can be direct deposited, which means that service personnel can have the money in as fast as 24 hours. Direct deposit to a checking or savings account is not only the fastest method, but also the most secure. Once the money is wired, it is available for immediate withdrawal. If direct deposit is not feasible for the applicant, a check can typically be sent, although this is obviously a much slower process, especially if the soldier is overseas.