Many people think that being in the military is good for job security. What they didn’t know is that starting off as a private rank doesn’t make that much money. Since they are on call 24/7, meaning some days they can work all 24 hours, you can make more money working at a minimum wage job. If you think working at a minimum wage job isn’t enough, imagine being in the military and having to put your life on the line. A lot of unexpected emergency can occur while you’re in the military, so getting military loans is very common.
Getting promoted and moving up the ranks take a lot of time. Even as a Sergeant, the pay will be enough to make payments on a new car and pay for other type of bills. If something comes up that requires them to fly back home, getting a loan might be the only way to supply the funds that they need last minute. Keep in mind that a lot of military members are between the ages of 18 to 25. With that being said, it’s common for young adults to spend all their money enjoying their life rather than saving it up. If they are stationed in another country, saving money isn’t easy. If there is an emergency back in the states, there’s no way they can come up with $1000 or more for a round trip plane ticket when they aren’t expecting it.
The advantage of being in the military is getting a loan approved without a lot of hassle that you normally get in the civilian world. There are even military loans for people with bad credit. The fact that you’re serving for the country, many lending companies are willing to give you some slack. Each branch in the military has a certain credit union or bank that you can safely apply a loan at. If you’re stationed in another country, getting a military loan online might be the best option.