Military Cash Loan

By: EconomyWatch Content   Date: 1 December 2009

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Among the various perks available to the US military personnel, the military cash loan enables them to handle emergency cash requirements easily. This special type of payday loan aimed at military personnel is simple to obtain and very affordable, as compared to civilian payday loans.

Military Cash Loan: Procedure

All payday loan institutions do not offer military cash loan, as it results in loss of profits for these institutions. The APR charged on a military loan is subject to the Service Members Anti-Predatory Lending Protection Act; and the interest rates also cannot exceed 36%. This is quite lower than the civilian payday loans interest rates. Therefore, it is also somewhat difficult to obtain a military cash loan.

The requirements for obtaining a military cash loan are quite minimal, and the application process uncomplicated. A borrower just needs to provide military identification, a checking account and a personal check.

The biggest difference between a military cash loan and a civilian cash loan is that military members are not required to provide proof of their income. They just need to fill up a personal information sheet with name, address and phone number. Following this, the lender provides a cash advance small loan agreement which must be signed by the borrower. This agreement specifies the due date, the amount of the loan and the fee charged. The agreement also states that the lender holds the personal check issued by the borrower, and it can be cashed on the due date.

It is crucial that loan seekers read the fine print of the agreement carefully before signing it. The agreement also mentions the interest charges applicable on the loan if the borrower fails to make the repayment on the due date.

Like civilian loans, payday loans of higher amounts can be obtained by a borrower if he had repaid his previous loans on time. Military payday loans can also be applied for over the Internet. In this case, the borrower is not required to issue a post-dated personal check. The lender can withdraw the amount directly from the applicant’s bank account.


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