Just Military Loans is an online lender that – as its name indicates – deals exclusively in personal loans to military personnel. Just Military Loans is certainly not alone in targeting members of the armed forces, but it is one of the largest lenders in this niche.
Given the U.S. Department of Defense is the world’s biggest employer and that there are over 1.4 million active service members, it is no real surprise there is a whole market that specializes in lending to soldiers.
How does Just Military Loans compare with other military loans providers? Are military loans a good deal for members of the Armed Forces? This in-depth review of Just Military Loans will look at these and other important questions.
What Types Of Loans Does Just Military Loans Offer?
Just Military Loans specializes in short-term unsecured loans for emergency expenses, such as car repairs or medical bills. The loans have relatively high interest rates and expensive fees, if you compare them to the rates of prime lenders, such as SoFi and Prosper. The key point to consider is that Just Military Loans considers military personnel with poor credit. If you compare Just Military Loans’ rates with rates offered by other lenders that consider borrowers with bad credit, such as payday lenders, the rates are excellent.
Overall, Just Military Loans is a good deal for service members with less than stellar credit. There is one thing we do take issue with, though.
You have to expect high interest rates and origination fees when a lender makes loans available to borrowers with poor credit. What is harder to justify is Just Military Loans’ lack of transparency when “advertising” its rates and fees. There is little information on their website on the cost of its loans. Even if you call and get through to one of its customer care agents, they are not able (or authorized) to provide any information on the range of rates or fees you will have to pay. Borrowers must first complete an application form and get approved before they are told their terms. It’s hard to understand why Just Military Loans doesn’t advertise its rates. As you can see below, they are very competitive, considering the target audience.
What Are Just Military Loans Interest Rates and Terms?
- Just Military Loans repayment terms range from 12 to 24 months
- 31.04% to 35.99% APR. The Military Lending Act sets a maximum of 36% APR on loans marketed to U.S. service members
- $100 to $500 origination fee
- There are no prepayment penalties
There is no way to get pre-approved and find out what your rates will be before applying and getting hit with a hard pull on your credit. Borrowers must complete the application process and wait to receive a loan contract to see their rates and terms. Check SuperMoney’s Just Military Loans company profile for the latest rates and terms.
How Much Can Your Borrow From Just Military Loans?
Just Military Loans offers loan amounts ranging from $1,000 to $5,000. Larger loans (up to $15,000) will be available soon. Maximum loan amounts vary depending on your income and credit profile. The cost of a loan depends on your interest rate and how long you take to repay the loan. To illustrate, a $4,000 loan with a 35.43% APR and a 24-month term would have monthly payments of $211.48. A total cost of $5,075.52.
How Do Just Military Loans Work?
Just Military Loans prides itself on its fast and efficient loan process. Borrowers who apply during business hours can receive same day approval. Once approved, funds can be deposited by the next business day.
All Just Military Loans are issued by Resolute Bank, an FDIC member bank based in Maumee, Ohio. Resolute Bank was established in 2006 and has $38.6 million in assets. Bauer Financial gives the bank a two-star rating, which signals it as a problematic bank. On the other hand, it is an accredited business (A+ rating) with the BBB.
To start the loan process, you must complete an online application form and upload your latest Leave and Earning Statement (LES). See below for screenshots and a detailed review of the application form. Notice that by submitting an application you are authorizing Just Military Loans to perform a hard pull on your credit, which could affect your credit score.
If Just Military Loans approves the loan application, you will receive an email with a link to the loan contract, which includes the loan’s interest rates and terms.
Once your account manager has verified and approved your application and contract, Just Military Loans will deposit your funds.
Just Military Loans offers a 15-day guarantee on its loans. If borrowers are unsatisfied with a loan or just change their mind, they can return the money within 15 days of receiving the loan without paying penalties or fees.
What Is Just Military Loans’ Application Process Like?
Just Military Loans has a simple application process. The issue is that borrowers have to go in blind without knowing what the interest rates and origination costs will be. If you’re comfortable with that, loan application forms don’t get much easier than this.
1. Choose The Loan Amount And Provide Your Personal Details
Submit your full name, address, email, and phone numbers.
2. Provide Your Date Of Birth and SSN
This is a short form. Just provide your date of birth, SSN, and duty status and you’re ready to go.
Just Military Loans: The Bottom Line
Just Military Loans claims to support active duty military. “Serving those who serve” is the company’s slogan. And Just Military Loans does facilitate loans to service members with a variety of credit types. Interest rates of 31.04% to 35.99% APR are not bad for a lender that considers borrowers with poor credit, which would struggle to find credit with these terms elsewhere.
Here are the key advantages of Just Military Loans:
- It considers borrowers with poor credit
- It offers a 15-day satisfaction guarantee
- 31.04% to 35.99% APR range
- Borrowers receive a personal account manager who explains the loan’s terms
- Easy online application
- Funds are deposited directly to your bank account