Do you have an unforeseen expense that has come up - such as automobile repairs, dental or medical bills, a forgotten utility payment that needs your immediate attention? Being in the military does not exclude you from becoming short on needed funding for items that you need now but cannot afford until your next payday. If you are short on cash but need to money today for the things in life that just sneak up on you, you may be interested in a military payday loan.
Military payday loans are available only for members of the Army, Navy, Air Force, Marines, Coast Guard, National Guard, and National Reserves. The difference in a military payday loan and traditional payday loans for regular consumers is typically that the interest rate for the military payday loan is lower and there are more flexible repayment options to choose from. The interest rate on your military payday loan cannot exceed any government caps that are imposed upon such types of loan, which means that you will save money on this type of loan versus what the average borrower would pay.
As with any payday loan, the military payday loan (which might also be called a military cash advance) is a short term loan that is designed to meet emergency expenses that you did not budget with your regular income. A military loan can be in amounts starting at $100, up to as much as $1500 or more, depending on your needs and your ability to repay the lender. The only requirements for the military payday loan is that you are an active or retired member of the military, have income, and a checking account with a positive balance. There is no credit check.
Cash Now For Current Needs
The military payday loan requires you to present a post-dated check for the amount of the payday loan, plus modest interest charges. The payday lender will hold the check for an agreed upon period of time, usually around two weeks or at your next pay date, after which time payment in full becomes due. There are certain instances in which the military loan can be repaid in installments. This practice varies widely from lender to lender.
The lender will then deposit the check into your bank account to receive payment. Be aware that if the funds are not available when the check is deposited, you may incur fees, such as fees that your bank might charge for insufficient funds; further, if the payday loan lender deposits the check a second time, there could be a second charge for insufficient funds if the money is not available.
Convenient, Secured Websites
To obtain your military payday loan, you will visit your chosen lender on their secure website. You will fill out a very brief application that will ask you to provide proof of your military status (although ranking or seniority does not effect your interest rate at all), personal identification information such as your state issued driver license card, banking information, recent and past employment information, personal references, and other information. Most of the verification processes can be completed either by email or fax, including any signature documentation - which you can sign and either fax back to the lender or send scanned copies in an email.
