You may have heard a lot about payday loans
financial assistance. They provide instant cash within 24 hours to all civilians after approving their online application form. Military payday loans are somehow different from regular loans. They are especially designed to help military personnel to help them in utmost financial matters. This is because of their different cash needs because of difference in their professional areas. Stricter rules are applied to these loans.
As per the rules, the military personnel should pay off all their debts on time because their repayment failure can result into dismiss, transfer, confinement or even court marshal.
Borrowing Limit and Processing
Any eligible candidate can borrow up to 40% of their monthly pay depending on his rank. One needs to apply online if he wants to borrow money via these loans. Time taken for transfer depends on the location where you are residing. Anyone who is living in US can get money transferred within 1 to 5 business days. The military men and women who are serving overseas will receive cash via Western union or wire transfer. If a person has chosen western union transfer then he/she can receive money immediately. And if one has selected wire transfer he will get money till next business morning.
Military payday loans solely serve military personnel in emergency needs
Interest rates and Loan Period
In these loans, lenders do not imply interest rates as such instead they have decided fixed rate for this lending. The fee varies from $10 to $30 for each $100 you borrow and loan period is set to 14 days. If it is $15 per $100, then it is equal to APR of 391.07%. If borrower will try to extend this period then he will have to pay new fee. In simple words, a borrower has to pay fee again every two week until full repayment.
Who can apply for these loans?
Any military person is eligible for borrowing these loans. As long as one is serving, you are eligible for payday loans. But if you have left service then you can apply for regular payday loans. Some lenders want that one should repay previous loan before applying for next whereas some of them lend another loan by adding its fee to current outstanding repayment.
Following loan plans fall into this category
• No credit checks.
• Car/Auto Loans
• Computer Loans
• Cash Loans
• Debt Consolidation
• Equity Line of Credit
• Home Loan
• Active Duty
Is good or bad Credit an issue?
An application is just supposed to fill a quick and easy online application form. It just takes one click to submit form then and there only. Even if you have bad credit score you will be assisted through bad credit services. So, it does not matter that how good or bad credit you have, you are still eligible and can apply online.
Moreover they are purely fax less services. Everything needed to sanction one’s loan form is asked within online form. They do not even include any paper work formalities. Lender and his team stay in contact via emails.
Without intervening your service and comfort zone, you can apply for online military loans.