Military Payday Loans

You will find that many payday lenders offer special military payday loans for military personnel, and some payday lenders may cater specifically to armed forces personnel. Both traditional payday loans and loans more suited to those in the armed forces may be available at these lenders.

As a member of the armed forces, you should be aware that certain financial guidelines do apply to you, and may be relevant to military payday loans. Per the 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. Payday loans are a financial commitment and should be taken seriously, especially by military personnel.

The typical guidelines for military payday loans allow you to borrow 40% of your monthly take home pay. The key question many borrowers will ask is simple: how soon can I expect to have my military payday loan in my bank account and accessible. The answer will vary depending upon whether you are stationed stateside or overseas. If you are serving in the United States, your military payday loans should be available and in your checking account in 1 to 5 days. If you are serving overseas, you will have to choose between Western Union and a wire transfer. Western Union is available immediately, while a wire transfer will be available the morning of the next business day.

There are no credit checks required for military payday loans. Thanks to both the high ethics of military personnel and the Uniform Code of Military Justice, payday lenders are happy to extend military payday loans to all those serving our country. All currently serving armed forces personnel qualify for military payday loans. If you are not serving, consider looking into a regular payday loan.

A payday loan is an advance on your next month's pay, and you should plan to pay it off on payday. If you are unable to pay off your military payday loans, most lenders will allow you to extend the pay off period for a fee.

Military payday lenders use fixed fees to calculate the cost for your military payday loans, in lieu of interest. These fees typically apply to a 14 day loan period. The fee will range from $10 to $30 per $100 borrowed. The fee will apply every 14 days until the loan is paid off in full. Thus, if the fee is $15 per $100 borrowed, the annual percentage rate on the loan would amount to 391.07%.

You may use military payday loans at your discretion, for whatever expenses you might have. Most lenders prefer you have only one active loan; however, some may allow you to take out an additional loan for a fee.

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