Military Payday Loan: A Helping Gesture
Military payday loans are designed in order to allow military personnel to avail a cash advance in order to meet urgent cash requirements like a car repair or paying-off a medical bill. Contrary to the terms for the civilians, the lenders charge lesser rate of interest on these cash advances because there is very small chance of risk involved. As a borrower you can either repay the amount at your next paycheck or pay-off in installments. This is a unique feature of military payday loans.
Procedure
When applying for the cash advance you would be required to provide a post-dated check to the lender as a collateral. The check contains the amount plus the interest. Once your application is approved, the creditor will provide you either with a check of the applied amount or deposit the amount directly into your account. And, in case you are not able to repay the amount at the end of the due date, the lender will either cash your check or contact you to ask whether you want to extend the repayment date. In case of an extension, you would be required to pay some additional charges.
Fair Reasons Behind The Features
A military payday loan has features that are distinct and the reasons behind it are fair. Since a military personnel has a secure job, he has a guaranteed source of income. And, due to this reason lenders have an assurance that they would receive their loaned amount back without any issues. If you have a bad credit, you can expect to pay a higher rate of interest than normal. And, it would be preferable to select a lender who exclusively lends to military personnel only.
How Much Amount?
As an armed service personnel you can avail a cash advance of as much as $ 10,000. Some lenders who are specialized in providing loan to military personnel are ready to provide such a high amount. And, you can avail these cash advances easily and instantly without going through any hassles. However, it should be noted that you need to search online to find the lender who provides you the cash at the lowest possible interest rate. The amount loaned to you can also be determined on the basis of your monthly income. A point to be noted is that you should ensure that you don’t fail to repay the military payday loans in time, as this is a punishable offence under the Uniform Code of Military Justice.
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