Due to military personnel's busy everyday routine in caring for the country's security, they often do not have enough time to care for the financial emergencies that arise frequently on the family level. Military payday loans are created to satisfy any financial need that military personnel may have between paydays. Instant availability characterizes this type of loan, which is appropriate for a military personnel's lifestyle. Considering the fact that the employment status and income is already known, the application process takes no time at all.
Obtaining a military payday loan is simple. The military person writes a personal post-dated check payable to the lender for the borrowed amount plus any fees. He then receives a check for the borrowed amount only. Next, the lender withdraws electronically the full amount, borrowed amount, plus fees, from the bank account on the date specified on the agreement.
Even though all payday loan applications and approval processes are simple, military payday loans receive instant approval. The reason is that employment and income do not need verification. The bank account reflects the borrowed amount within 24 hours.
Military payday loans do not require collateral. The post-dated check serves to secure the loan. The lender debits the amount on the post-dated check when he cashes that check.
Military personnel can request a military loan within the range of $500 and $1000. It depends on the person's salary and the bank account balance at the time of applying. It is helpful for military personnel to maintain
sufficient funds in their bank account to avoid putting down collateral if they should need to borrow a larger amount.
It is easy, fast, and convenient to obtain a military payday loan. However, a person should exercise caution in regards to lender's service fees. Incurring high fees could create a completely different problem for military personnel who typically do not own businesses or have any other sources of income. Fortunately, some lenders are aware of this and dispense "free" loans. This means that the lender waives the service fee and the borrower only pays the borrowed amount. The catch is that if the loan amount is not paid on the agreed date, the lender then may charge the service fee. Obviously, military personnel need to research multiple lenders and compare rates and their loan plans in order to choose the most affordable rate to fit their budget.
Make sure that the post-dated check you leave with the lender does not bounce. If it does, there is the possibility of ending up in court. This highlights the need to avoid requesting more money than what you can reasonably pay back.
Military payday loans are easy to obtain. Nonetheless, exercise caution so they do not turn into a burden instead of providing relief. Request only the amount that you can pay back without causing a strain on your family budget. As with any other payday loan, military payday loans are a good alternate solution to a short-term financial crisis when used responsibly.
Category: Payday loans