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 $730 million in assets, of which $553 million are in loans and leases. Pioneer Military Loans specializes in offering financial services to active and retired service members.
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Once approved, payments can be arranged as a military allotment and withdrawn automatically from the borrower's bank account.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.
The rates for Pioneer Military loans range from 10% APR to 36% APR.
Pioneer Military loans range from $500 to $10,000. How much money 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.
Pioneer Military Loans operates in all 50 states.
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.
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 30 years of 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.