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Military Payday Loans: Fast Financial Support for Heroes

[Jan 17, 2009.]

 

Serving in the armed forces has its benefits. From college financial aid to supplementary income, soldiers and their families often enjoy preferential treatment in cities around the world. But what about finding fast loans for unexpected bills or emergencies? Military payday loans are specially designed for this group and feature almost guaranteed approval and payback terms that you can live with. Plus, with payday lenders on or near most bases and online application options, you need not worry about finding sources for fast cash in your time of need.

PayDay Loans Can Be a Lifesaver
Military personnel are placed in a precarious predicament. Low income levels combined with the prospects of moving from base to base can leave some soldiers and their families vulnerable to unexpected monthly expenses. That’s partly why so many banks and lenders are especially sensitive to the needs of the men and women who protect our country.

While the average Joe has to account for his or her credit worthiness before receiving funds, a loan applicant that can put Uncle Sam on an application earns instant credibility. In some cases, soldiers enjoy a more relaxed repayment plan based on their actual income, including lower APRs and an extended time to pay. However, military status certainly doesn’t relieve you of your responsibility to know the rules and borrow responsibly. Here’s why.

Be Wary of Predatory Lending
As with any fast cash offer, it’s absolutely critical that you research the potential lender, understand the fine print and only accept a loan that you know you can repay. Adverse credit history comes into play for job applicants, new home buyers and military personnel. A surge in predatory lending with respect to military payday loans has even gotten the attention of the United States Department of Defense.

A Department of Defense special report warns about the problems associated with some form of military payday loans. Some of the eyebrow-raising concerns include:


  • Predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force

  • Between 2000 and 2005, revoked or denied security clearances for Sailors and Marines due to financial problems have increased 1600 percent

  • Financial issues account for 80 percent of security clearance revocations and denials for Navy personnel


Source(s)
US DOD, New Rule Limits ‘Predatory’ Loans to Servicemembers

 

About Author:

Kelly Richardson is a freelance writer, marcomm consultant and digital entrepreneur. He’s written content for Fortune 500s Google, Yahoo!, Microsoft and Wells Fargo. Find out more about him at kellyrichardsoncopywriting.com.

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