If you are in the military and are thinking of getting a personal loan make sure you know the facts of your loan terms before signing on the dotted line. You will find that there are many businesses on the internet claiming to be military loan companies, however, all of these loan companies are not created equal.

A great majority of these businesses advertising as military loan companies are actually just payday advance loan shops. These payday advance loan dealers are nothing more than modern day loan sharks. They are designed to trap you into borrowing more money, thereby escalating your debt while charging you an annualized interest rate that will most likely exceed 300%!

You should stay away from these type of loan companies at all cost. There are legitimate military loan companies who offer personal signature loans with reasonable interest rates... you just have to do your homework when shopping around. Some important points to look for in choosing a company that offers personal loans are:

*      Not A Payday Advance Loan Company
*      Competitive, Reasonable Interest Rates
*      Flexible and Affordable Loan Payback Terms
*      Stable Company With Excellent Reputation
*      Fast Loan Decisions (this is most important if you have an emergency situation)
*      Loan Rescission Period (ability to cancel loan if you change your mind)

One such company that fits the above criteria is Pioneer Military Lending. They have been serving the military exclusively for almost 2 decades and offer personal loans to active duty military, 20-year military retirees, and DOD employees. They offer loan amounts from $500 - $10,000 and loan proceeds can be used for any purpose including debt consolidation, computer financing, emergencies and auto financing.

There are other traditional loan companies such as banks and consumer financing establishments that may offer personal loans, however, they do not cater to the military exclusively and therefore their loan underwriting guidelines may not be as understanding of the unique and sometimes urgent situations that apply to members of the armed forces and their families. If you are a service member and have been denied credit for a personal loan from one of these traditional financing sources then you should try a company that caters to the military.