Just Military Loans is an online lender based in Wilmington, Delaware. It started operating in 2008 and targets active full-time military personnel with poor credit who need fast access to cash. Just Military Loans promises to waive interest when borrowers are deployed overseas and forgive the loans of those who die in the line of duty.
As long as you have at least 18 months of service left, you may qualify for a loan, even if you have bad credit. Rates are high and must be repaid within 36 months. Just Military Loans may also charge additional fees, including an origination fee, which aren't publicly quoted.
If you call customer service, they will tell you they cannot provide specific rates and fees over the phone and that you must complete an application, which includes a hard credit pull, before seeing the terms of the loan.
Loan amounts vary between $2,000 and $15,000. A 12-month loan of $4,500 will have monthly payments of $557.86. The origination fee could be $1,800 and would be divided into 12 equal installments. This would bring the total cost of the loan to $8,494.32 plus transfer fees.
Along with the online application form, you must attach your most recent end-of-month leave and earnings statement (LES). Loan applications posted before 4:00 pm Eastern Standard Time are reviewed the same day. If you apply later than 4:00 pm, you will receive a reply by the next business day.
Just Military has an "A" rating with the BBB. Its loans have lenient credit requirements and have better rates and terms than military payday loans. Having said that, military payday loans have been illegal since the 2007 Military Lending Act was enacted. Rates are still high, but they are comparable to other lenders who target military service members.