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Pioneer Military Loans Review

Updated May 09, 2023   |   5 mins read

Pioneer Services, a division of MidCountry Bank, has been offering loans and other financial services for more than 30 years. Over 1.4 million military families have used Pioneer to help fund essential purchases or to buy their homes.

If you are considering getting a loan from Pioneer Services, this Pioneer Military Loans review can help you to understand the rates and terms you can expect. You’ll also learn about the pros and cons of borrowing with this lender.

In this review:

Pioneer Services: What Loans Does the Company Offer?

Pioneer Services offers VA home loans that can be used to purchase a home or to refinance an existing home mortgage. The company used to offer unsecured personal loans as well, but it discontinued issuing new loans in July, 2019. Here are some of the key things that you need to know about these loan offerings.

VA Home Loans

Pioneer Services is a VA approved lender serving all 50 states. Here are some of the key things to know about obtaining a VA home loan from Pioneer Military Loans:

  • Low Rates: You’ll receive federally backed, low, fixed interest rates
  • 0% Down: You can receive up to the full home value with no down payment required
  • Reasonable Fees: While there is an origination fee, there are no prepayment penalties, so you can get ahead of schedule on your mortgage payments.

>> Read More: Best VA Lenders

Military Personal Loans

Note: Pioneer discontinued its military personal loan service on July 31, 2019. If you have an existing personal loan from Pioneer Services, you can still log in and make monthly payments as usual.

Military personal loans are fixed rate loans that you can obtain after completing a quick and confidential application process.

Active duty service members in the Army, Air Force, Marine Corps, Navy, and Coast Guard can apply for a loan, as can career retired or medically retired military members. Personal loans can be used for any purpose you’d like.

Basic Information

If you are considering borrowing from Pioneer Services, here are the key terms you need to be aware of for Pioneer Military loans:

  • APR: 10% – 36%
  • Loan amounts: $500 to $10,000
  • Loan terms: 12 months – 48 months
  • Loan fees: Origination fees; late payment penalties. No prepayment penalties

You can apply 24/7 at from your computer or mobile device. You can also request a loan via phone during business hours at 1-800-FOR-LOAN. Pioneer Service describes the process as “fast” and confidential.


  • You will need a credit score of at least 560
  • You must be an eligible military member or veteran
  • You must be at least 18 years old to borrow

The Benefits of Pioneer Loans

There are some significant advantages to obtaining a military loan or a VA loan through Pioneer Services. Some of the benefits include the following:

  • VA home loans don’t require private mortgage insurance (PMI). PMI usually must be paid by homebuyers who put down less than 20% on a home. This cost can be avoided with a VA loan.
  • Pioneer military offers financial education. There are resources for military spouses, a credit repair kit, and other helpful tools in the lender’s online learning center.
  • There’s a risk-free guarantee on Pioneer Military Loans. When you take out a personal loan, you have 15 days to return the funds in full if you decide that you no longer need the loan or if you find a better offer from a different lender.
  • Loans can be used for any purpose. There is no limit on what personal loans can be used for, including for emergencies, car repairs, family needs, or moving costs.
  • Personal loans charge a fixed rate. You do not have to worry about your interest rate or payment changing during the period when you are repaying what you have borrowed.
  • There is a Customer Bill of Rights. This 10-point customer bill of rights guarantees that there are no prepayment penalties; that all loan applications are underwritten to make sure the loans can be repaid; that no allotment use is required; and that there are no mandatory arbitration clauses found in loan contracts with Pioneer Services

The Downsides of Pioneer Loans

There are also some downsides that you need to consider as well.

  • Having no equity in a home is a big risk. If home values fall at all, you could end up underwater and owing more than the value of the home. This makes refinancing or selling a home impossible or very difficult unless you are able to bring cash to closing to pay off the balance of the loan that cannot be repaid with the sale proceeds
  • Interest rates on personal loans may be higher than with many competitor lenders. The APRs on the loans can be very high, especially if your credit is not great and you don’t qualify for the best rates.
  • There are fees charged on loans, including origination fees that must be paid upfront.

Alternatives to Pioneer Military Loans

There are several alternatives to Pioneer Military Loans that you can turn to since they stopped issuing personal loans. These alternatives include:

You should compare the rates and terms you could receive from each of these lenders to see which provides you with the best deal.

Bottom Line: Is Pioneer Military Lending Right For You?

Pioneer Services may be a good option for you if you want a VA loan to buy a house with no money down. However, the lender no longer issues personal loans. If that’s the type of loan you need, you should compare rates from some of the best personal loan lenders to find a loan that works for you.