Features

Pioneer Military Loans is the military loans division of MidCountry Bank: a federal savings bank with headquarters in Marion, Illinois. MidCountry Bank was founded in 1933 and has $693 million in assets, of which $508 million are in loans and leases. Pioneer Military Loans specializes in offering financial services to active and retired service members.

How Does Pioneer Military Loans Work?

Pioneer Military Loans offers fast loans with fixed rates and payments to members of the military. Instead of relying only on a regular credit score, Pioneer Military Loans have developed a proprietary Military Scoring Model that claims to take into account the frequent moves and changes service members must make and which can hurt their credit score.

Once approved, payments can be arranged as a military allotment and withdrawn automatically from the borrower's bank account. As well as regular military loans, Pioneer Military Loans also provides emergency loans, such as bereavement loans, disaster relief and convalescent leave loans.

What Are Pioneer Military Loans' Interest Rates?

The interest rates for Pioneer Military loans range from 10% to 36% APR.

How Much Money Can I Borrow from Pioneer Military Loans?

Pioneer Military loans range from $1,000 to $10,000. How much borrowers qualifies for will depend on credit and income. To illustrate, the cost of a 12-month $10,000 loan with a 10% APR would be $879.16 a month: a total of $10,549.92. The same loan with a 36% APR would cost $1,004.62 a month: a total of $12,055.44.

Which States Does Pioneer Military Lonas Operate In?

Pioneer Military Loans operates in all 50 states.

What Is Pioneer Military Loans' Application Process Like?

Borrowers can apply online or over the phone. Applicants must be active duty military, retired with 20 or more years of service, retired for medical reasons, or Department of Defense employees with a grade of GS-6 or above. They must also provide verification of their identity, address and income. Proof of income may include their leave and earnings statement (LES), retiree account statement (RAS) or a pay stub.

How Is Pioneer Military Loans Better Than Other Lenders?

Pioneer Military Loans provides fast loans of up to $10,000 to military service members with all types of credit history. The military loans division of MidCountry bank has over 25 years' experience providing loans to military members, and uses a special military scoring model that takes into account the special circumstances of people working within the armed forces.

  • Credit bureau reporting
  • Interest APR
    10% - 36%
  • Joint loans available
  • Loan Amount
    $1000 - $10000
  • No late fees
  • Max Loan Term (Months)
    4
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
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0 votes

They would not disclose what the opening fee would be. They said it is based on your credit profile. I went to Ascend Loans and was able to get a loan with no fees. I would not recommend using Pioneer. They are taking advantage of military personnel.


0 votes

I have always used this company and never had a problem. I am shocked at the ratings I see and the complaints. I have been in the military for 17 years and at my worst financially they still gave me money at a rate that was befitting my financial status. As the years have gone by and my financial choices have became better and my rates have improved greatly. I have always paid my loans off early, made extra payments, and been a great customer. For example I have 5000.00 ... loan and my payments are 252.00 and the amount that goes to my principal is always between 225 -235 and then I am make extra payments that go to the entire principle. I have had loans from Omni Finance or Spring Leaf Finance and more went to the finance chargers than the principle amount owed. I am so happy with Pioneer and I am making my last payment on my current loan May 2016. And, of course I will be back! More Less


0 votes

I've had six loans from PML since they were Pioneer Military Lending. I've always known exactly what I was getting myself into and am not going to blame them for lending me money and expecting me to pay it back in the way I told them I would when I took their money. They process loans quickly and are easy to work with. Interest rates are clearly stated and so is the monthly payment schedule and amount.


0 votes

Try making your payment early and they will still take out your payment from your ACH. And if they cant they will fine you money and call it late after you just paid them early. PURE RIPOFF!!! Someone needs to look into their business practices. How can they get away with this?


0 votes

THIS COMPANY IS TRULY THE MOST CROOKED COMPANY I HAVE EVER RECEIVED A LOAN FROM. I WILL NEVER AS LONG AS I SHALL LIVE BORROW FROM THEM AGAIN. THEY ARE THIEVES AND PREY ON VETERANS WHO HAVE SERVED THIS COUNTRY. THIS IS THE THANKS WE GET FOR PUTTING OUR LIVES ON THE LINE? CRAPPY HIGH INTEREST LOANS. MY INTEREST RATE FLUCTUATES AND I DON'T UNDERSTAND WHY? THE INTEREST IS SUPPOSED TO GO DOWN AND THE PRINCIPLE SHOULD INCREASE AS THE BALANCE GOES DOWN, BUT NOT WITH THEM. WHY THE INTEREST ... IS GOING UP AS THE LOAN GETS OLDER IS BEYOND ME! THEY ARE TRYING TO CHARGE ME MORE MONEY THAN THEY SHOULD! I LOOKED AT THE ACTIVITY AND THE INTEREST AND PRINCIPLE IS ALL OVER THE PLACE. I HAVE NEVER EVER SEEN THIS BEFORE IN MY LIFE. I DON'T KNOW WHAT KIND OF AMORTIZATION SCHEDULE THIS COMPANY IS GOING BY BUT IT IS NOT CORRECT. I AM JUST GOING TO PAY THIS OFF REALLY QUICK AND GET THEM OUT OF MY LIFE. IF YOU TRY TO MAKE A PAYMENT EARLIER THEY DON'T COUNT IT TOWARDS THE NEXT MONTH, THEY STILL EXPECT YOU TO PAY THE NEXT MONTHS PAYMENT. I WILL WRITE BAD REVIEWS WHEREVER I CAN SO NO ONE WILL EVER EVER GET SWINDLED BY THIS COMPANY LIKE I DID. More Less


0 votes

Military personnel who need cash fast are mostly shut off from payday lenders. Thats why the idea behind Pioneer Military Loans is appealing. They supposedly offer loans with quick turnaround, which can be a lifesaver when youre facing a financial emergency. But the execution behind those loans is totally sub-par. The so-called customer service hangs up on customers that try to pay off loans in full and the interest rates are outrageous, maybe even illegal. Even Better Business Bureau cant track them down. Stay far, far away ... from this company. More Less


0 votes

What a shame that this company is allowed to associate themselves with the military! They have horrible customer service and terribly high interest rates. I should have checked around before using them, but I was in a hurry to get money fast. I sure wish that I had stopped and figured out how I was going to pay off this loan with this interest rate. Ironically, I went to them to try and make my financial life easier and I only made it much, much worse. There are other lenders ... for the military that treat those who serve our country with respect. Use them instead! More Less


0 votes

The interest rate alone will kill you with this loan. I can't say more emphatically to just stay away. I wish that I had someone to tell me to do the same--that's just how bad this experience is. I recommend going just about anywhere else.


0 votes

I got a loan from them fairly quickly compared to what I've heard from other poeple. I wasn't surprised that the interest rates were not all that great, but I was prepared to buckle down and pay it off as soon as possible. That is what I did. If I had to do it over again, I probably wouldn't use them, though.


0 votes

Worst loan company ever! my wife and I took out a loan for less than $2000 well over a year ago. the interest rate is more than half of our monthly minimum payment. I believe our minimum payment each month is $180 and $105 is our ridiculous interest rate! I wish I never took out the loan, and wouldn't recommend anyone use these services (if you could call it a service at all)


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