Frequently Asked Questions

How does a revolving line of credit work?

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A revolving line of credit is the most flexible cash management tool available to military professionals.

  1. Withdraw any amount up to 40% of your monthly take home.
  2. You are automatically scheduled to pay down the loan over 6-8 weeks, but the online payment scheduler allows you repay at any time.
  3. The 24-7 RLC allows you to re-borrow the funds after any payment. For example, if you paid $500 on Monday, you can enter access your account on Tuesday and re-borrow the $500. No other loan offers this flexibility.
  4. Payments are automatically scheduled for 6-8 installments, but you can alter that payment plan at any time.

What is the difference between a closed end loan and the Revolving Line of Credit?

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A closed end loan is usually for more than five years and is used for major purchases (auto purchase, home mortgage, college loan, etc.). Short term closed end loans (three years or less) are poorly designed and not recommended. Research has shown that short term closed end loans contribute to debt problems associated with overspending, poor cash management, and loan default. Pay day loans are another form of closed end short term loan. Pay day loans are illegal for the US Military. In addition to being illegal, pay day loans do not offer the flexible terms of a line of credit. The Revolving Line of Credit eliminates the financial difficulties associated with short term closed end loans.

How do I repay the Revolving Line of Credit?

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To maintain the standards of the Anti Bankruptcy Protection Act, Military Financial will schedule 4-6 pay days to repay the Rapid Line of Credit. But you can pay the loan off at any time without penalty, and reschedule a payment at any time.

How Do I manage My Account Online 24-7?

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Once your account has been established the following functions can be performed without speaking to an operator:

  1. Borrow additional funds.
  2. Schedule a payment change.
  3. Pay off the loan early.
  4. Payments are automatically scheduled for 6-8 installments, but you can alter that payment plan at any time.

The Military Financial 24-7 Line of Credit provides the convenience that the U.S. Military asked for and that’s what we deliver. If you are in Korea or another distant time zone, rotating shifts, TDY, PCS, etc. you can handle your affairs online, when you want, from wherever you are located. Also, customer service reps are available at 888-756-2607 from 0900-1800 hours EST, Monday through Friday.

Is it illegal to charge more than 36% on a loan to the US Military?

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It is illegal to charge more than 36% for a closed end loan consumer loan that is less than 90 days for repayment. A Rapid Line of Credit is not a closed end loan. It is a revolving line of credit that allows you to access the available funds in your account at any time.

How does a revolving line of credit work?

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Unlike consumer credit payday loans, a revolving line of credit establishes a maximum dollar amount for which you qualify, which creates your credit line account. You may access the available dollar amount in your account at any time. For example, if your line of credit is $1000, and you have already borrowed $500 against your credit line, you may borrow the remaining $500 in full or in part at any time

Office Hours

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We are open Monday thru Friday from 9:00am until 6:00pm EST.

Military Financial honors all Federal Banking Holidays as well as a few select days of the year.

We will be closed on:

12/25/12 (Christmas)

01/01/13 (New Year's Day), 01/21/13 (Martin Luther King Day), 02/18/13 (Presidents Day), 05/27/13 (Memorial Day), 07/04/13 (Independence Day),09/02/13 (Labor Day), 10/14/13 (Columbus Day), 11/11/13 (Veterans Day), 11/28/13 (Thankgiving), and 12/25/13 (Christmas)

Does obtaining a line of credit from Military Financial have an application fee, membership fee, club fee, or maintenance fee?

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Military Financial does not charge any fees to establish your revolving line of credit, and there are no maintenance fees.

How long has your company been in business?

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Military Financial has offered short term financial services to the military since 1999.

How much can I borrow?

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You can borrow up to 40% of your monthly take home pay, depending on your rank.

How do I get the money?

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Your funds can be delivered by Western Union, Wire Transfer, ACH Credit, or check by mail. If you choose Western Union, the funds are available to you immediately. If you choose Wire Transfer or ACH Transfer the funds will be available the following business morning.

Is Western Union available overseas?

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Yes! Western Union is available worldwide. To find a Western Union location near you, click here.

How is the line of credit repaid?

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For your convenience, Military Financial will electronically debit the account where your direct deposit is made. No need to worry about sending a check or money order. However, you may pay by cashiers check, money order, Western union Quick Collect, or MoneyGram if you prefer.

Does Military Financial offer an open line of credit to anyone other than the military?

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The Military Financial Rapid Line of Credit is offered exclusively to the US Military. We do not offer this product to civilians, government employees, etc. We are here exclusively to serve you!

Will Military Financial extend the Rapid Line of Credit with a Power of Attorney (POA)?

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Yes. POA applicants are eligible for the Rapid Line of Credit.

Will Military Financial give a Rapid Line of Credit to a service member with zero (0) years in service?

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If your LES shows zero (0) years of service, the following steps are required to obtain a line of credit:

1. Provide a copy of your permanent duty orders.

2. You must have reported to your permanent duty station.

What happens if I can't make a payment?

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A late fee will be assessed against your account. Your line of credit will be inaccessible until your payments have been completed.

Do you accept Western Union Quick Collects and MoneyGram?

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Yes, Military Financial does accept Western Union Quick Collects and MoneyGram payment. To send Military Financial a Quick Collect, use the city code "ICA", the state code "VG", and your social security number for the account number. The MoneyGram code is 6426.

What happens if my LES does not contain my direct deposit information?

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If your LES does not contain your direct deposit information, we will ask that you also submit either a bank statement (from the direct deposit account) or documentation from your finance department showing where your pay is deposited.

Do you have any special policies regarding specific banks?

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If your pay is direct deposited into a Navy Federal savings account, you must have an attached checking account in order to obtain a Rapid Line of Credit.

If your pay is deposited into a Pentagon FCU savings account, we cannot offer you a Rapid Line of Credit.