Some military loan companies claim that they are exactly that – a lender that lends money to military personnel only. Unfortunately, the truth is that many of these lenders are not military lenders at all. They simply use the backdrop but in reality they are nothing more than hyped up payday loan companies, with all of the huge interest rates and all of the huge fees that go along with this kind of borrowing and lending.

If you are in the military and are actively serving take the time to scope out and investigate some of these so-called military loan companies by searching the Internet for reviews of military loan providers. You would be surprised at the difference between a real honest-to-goodness military loan provider and a fake military loan provider.

Some of the so-called military loan companies charge interest rates as much as 10% higher than a real military loan Company, so it’s very important that you check around online and off-line before you go ahead and fill out an application. Ask some of your fellow combat soldiers in your platooon or company if they have used this particular lender before. Ask how much the fees were for opening and closing the loan, and how much they had to pay in interest.