Most Payday lenders have special loans for military personnel, while some Payday Loan services cater solely to employees of the armed forces. There are loan services for military personnel that have loan options which range from Payday Loans to other types of loans more suited for someone in the service.
However, be cautioned that stricter rules apply to military personnel in financial matters. According to Uniform Code of Military Justice article 123a, military personnel that do not meet their financial commitments can be subjected to confinement, clearance, court marshal, transfer, or even discharge.
You can usually borrow up to 40% of your monthly take home pay, depending on your rank.
This depends on whether you are based in the United States or overseas. United States-based military personnel will have their money in their checking accounts anywhere between 1 to 5 business days. For men and women serving overseas, the options are Western Union or wire transfer. If you choose Western Union, the funds are available to you immediately. If you choose Wire Transfer, the funds will be available the following business morning.
No, due to the high ethical codes of military personnel and the regulations of the Uniform Code of Military Justice, Military Payday lenders will not subject military personnel to credit checks.
A Payday Loan is an advance on your upcoming pay. Most Payday Loan services will agree to extend the period for a new fee.
Yes, a Military Payday Loan is simply an advance on your upcoming pay. As long as you are serving, you will be able to qualify for a Military Payday Loan. If you are not currently serving, you might want to get a regular Payday Loan.
Instead of interest, Payday lenders use fixed fees for lending money. The fee varies from $10 to $30 for each $100 you borrow and applies for a period of 14 days. After this, a new fee will apply. In other words, you pay the fee again every two weeks, until the loan is paid in full. If the fee is $15 per $100 borrowed, that equals an APR of 391.07%.
None, Military Payday Loans can be used at your discretion.
Most lenders prefer that you pay back your loan before applying for a new one. Some require that you do so. However, some Payday lenders will consider adding on to your current loan for a fee.