Options for Financing a Computer for Servicemen

Everyone wants a computer, but their expensive nature almost guarantees that outside funding is needed in order to purchase one.  Military personnel sometimes have an especially hard time securing funding for a computer loan.

Servicemen often suffer from poor credit ratings and are often times unable to get approved for conventional or bank loans.  This is because most credit lenders do not take into consideration the unique conditions that affect a serviceman’s credit score.  The mobile nature of their work and frequent long term deployments often negatively affect their ability to get loans for such things as emergency’s, auto’s and homes.  One of the most difficult things to receive credit for is a computer. Military personnel with poor credit ratings do have a few options available to receive military computer loan.

Computer Company Loans

Many companies, such as US Military Lending Corp, offer

independent financing to military personnel.  Many of these on-line company’s actually guarantee financing for servicemen.   By working with multiple financial institutions, they are able to find financing for you.  It is important to remember that companies such as these base their approval process on the same credit scores banks do.  They use the top three credit bureaus (Equifax, TransUnion and Experian) and do not take into consideration the specific circumstances servicemen often face. Because of this, the financing they offer you may not be at the best rate. 

Pioneer Military Loans

Pioneer Services, a division of Mid County Bank is a company who specializes in loans to military personnel.  They have loan products tailored to specific needs, offer competitive rates and use the MAPR (Military APR) to calculate your interest rate.  The Pioneer Military Help Loan is one option to assist you in financing a computer.  This is a short-term, non-rewable loan.  It is meant to help servicement with immedfiate cash needs.  A loan of $500, repayable over four months is available to servicemen with a maximum interest rate of  24%.  If this loan is not sufficient, Pioneer Services has other loan products, ranging from $500 to $10,000.  They offer  competitive rates, manageable payments and do not require collateral.  Pioneer Services has many option to assist military personnel in obtain a computer loan.

Outside Assistance

Before siging any loan documents, make sure to research all of your options, as there may be agency’s related to the military that can help meet your needs.

Finally, make sure to educate yourself on the laws governing military loans.  Many soldiers are trapped into high-interest rate payday loans without realizing the protection the law offers.  Even a soldier with bad credit should be able borrow money at reasonable rates and federal government has taken steps to ensure that servicemen are not treated unfairly in the loan process.

In the internet age, it is vital that you have a computer.  American servicemen, often with poor or bad credit, sometimes have difficulty securing a loan for a computer purchase.  By researching options such as computer company loans, Pioneer Military loans and looking for outside assistance, military personnel should be able secure a computer loan at a fair rate with reasonable terms.

http://www.militaryloansource.com/1/
http://www.mindspring.com/~mdeeb/equifax/cc/faqs/glossary.html
http://www.directlendingsolutions.com/computer-loans.htm