Military members and their families may need a small cash loan for purchasing a new cell phone, buying birthday gifts, or paying for their kid's karate equipment. Microlenders do not require a specific loan purpose when approving a microloan. Microcredit, in the form of military loans, can finance the permits required to start a small business or provide extra cash flow to get the borrower through the month without having to rely on credit cards. In addition to issuing loans directly to military members, microcredit providers can grant financing for military families. Generally, while the military partner is preoccupied with military life, the homebound spouse supervises the day to day expenses and duties and needs ready access to cash.

Micro funding is open to all branches and ranks of the U.S. armed forces. When borrowers are unable to secure a loan through traditional means, a microloan can finance medical costs, a small business start up, or any other immediate need for cash. This unconventional banking program could offer a borrower better rates and terms with a faster turnaround.