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Pioneer Military Credit

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As of July 31, 2019, this company is no longer providing personal loans to the military community. New loan applications will not be accepted or processed. Pioneer Military Credit is hoping to relaunch its military loan product soon, offering personal loans of $500-$10,000 to career retired and active duty military.

Formerly known as Pioneer Services, Pioneer Military Credit was founded over 25 years ago and has been serving United States military members for all their loan needs. Pioneer offers services for every branch of the military, including a Customer Bill of Rights and a 15-day risk-free guarantee. Veterans are also eligible for the company's financial services. 

Through grants and in-kind contributions, Pioneer Military Credit donates to many charities and military programs. The company won numerous awards including the "Best Website - Banking and Financial Services" in 2013 and 2014, while formerly operating under the name of Pioneer Services. It also provides education about finances available (including financial podcasts) on its website.

Unfortunately, Pioneer military loans reviews are limited, making it difficult to determine what the customer experience is like with the lender. 

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The Good

  • Application and Approval Process
  • 15-Day Risk-Free Guarantee

Application and Approval Process

Pioneer Military Credit is not currently accepting new loan applications, but is looking to relaunch its products in the near future.

Interest rates for personal loans at Pioneer Military Credit are not determined until the loan application is completed and is based on each individual loan and circumstances. Pioneer uses the following criteria to determine the best way to ensure interest rates fit borrowers and loans:

  • Credit history
  • Employment history
  • Debt-to-income ratio

Pioneer Military Credit offers one of the fastest approval time and fund availability. When an application is submitted, Pioneer generally responds by email within 24 business hours. This does vary based on a number of applications the lender has at the time.

After the application is approved, it takes between 24 and 48 hours to receive the funds. This is a quick way to receive a personal loan and is helpful for loans needed right away to help with financial emergencies that arise. Pioneer Military Credit also provides solutions for military personnel with bad credit.

There is no minimum credit score, and the lender does not pre-screen the loan application. Each case is weighed individually against multiple factors, credit score being just one of them, before approval is given. Pioneer Military Credit gives loans with fixed payments for those with a bad credit score, as an opportunity to smooth out their credit scores.

15-Day Risk-Free Guarantee

To ensure the best loan is given from Pioneer Military Credit, the company offers a 15-day risk-free guarantee. This means that Pioneer Services allows the details of the loan to be shared with other financial services and to be compared to the loans offered elsewhere.

Customers can then elect to cancel their application with Pioneer Military Credit (with no penalty) if they are not completely satisfied or if they have found a better deal elsewhere. This is a unique feature for personal loans and definitely one that inspires confidence for the consumer. It assures military customers that they are not being taken advantage of and are truly getting the best loan out there.

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The Bad

  • Undisclosed Rates and Fees
  • Military Members Only
  • Limited Repayment Terms
  • Limited Reviews

Undisclosed Rates and Fees

Many lenders disclose their max and min annual percentage rate (APR) upfront, making it simple to compare offerings to other loan providers. However, Pioneer Military Credit does not offer these rates until a borrower completes an application. Fees or payment information is also unlisted on Pioneer's website, including whether or not the company charges an origination fee and an estimate of what monthly payments will be. 

Military Members Only

Pioneer Military Credit only accepts loan borrowers who are active duty or former military personnel. Those looking for personal loan funds that are not in, or have never been in, the military will not be able to receive a loan from Pioneer Military Credit. This greatly limits those who are eligible to apply and benefit from this lender's services.

Limited Repayment Terms

Pioneer Military Credit allows a maximum loan term of 36 months. While three years is not a short amount of time, it is not as long as many other personal loan options. There are many other providers that give five- to seven-year loans. 

For those who need or want a long-term financial program to pay back their loan, Pioneer Military Credit may not be able to offer them enough time with only 36-month lending available. 

Limited Reviews

Pioneer military lending reviews are limited, making it difficult to know how the business measures up against other lenders. Consumer reviews uncover the customer experience, including information regarding acceptance rates, customer service, the loan application process, etc. We would be wary about choosing a loan service provider with little information about the customer experience. 

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The Bottom Line

For those in the military, Pioneer Military Credit is a competitive option for a personal loan. For those service members looking for a personal loan, Pioneer has fast approval and fund availability, usually within 48 hours.

The company takes each case individually and looks at a number of factors to determine each individual's loan interest rate. Personal loan terms can be up to three years and can be applied for at any time from anywhere by those in the military. 

Pioneer Military Credit also offers a competitive 15-day risk-free guarantee on its products and services, helping consumers to have confidence that they are getting the best personal loan out there. 

If you need more information or detail on Pioneer Military Credit, their new management, or loan offerings, information easily accessible on its website and would be a good personal loan option for military members.

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