A payday loan is one that is to be paid off after a person gets his next pay check. This type of loan is for people who have run out of money before their payday, and need some money to pay for an emergency. This loan is usually granted in a matter of days. For those serving in the armed forces, payday loans are readily available and are offered by many banks and other financial institutions.
Military payday loans have many advantages over the payday loans of a normal salaried person. First of all, they are easier to get than other payday loans. Second, even though the rates of interest are usually high, they are a bit lower for active military personnel. Payday loans for retired military personnel are also available. There are many companies that specialize in military payday loans.
The loan applications require information such as the salary of the military personnel applying for the loan, and the bank account details. These applications are processed quickly and the money is either given in cash or transferred to the bank account of the applicant. Repayment options are also made easy. The repayment can be made either by a post-dated check of the entire amount, or the amount can be spread out over a period of time. This depends totally upon the amount of money taken as loan.
Another option of repayment is by electronic clearance. The soldier receiving the loan is asked to inform his bank to clear the amount electronically after the pay has been received every month.
Payday loans are considered to be a form of sub-prime lending like credit cards and have been a source of controversy mainly due to the huge interest rates that some lending companies charge. The Defense Department has launched an initiative to educate military personnel about the dangers of borrowing from predatory lending companies, and to educate them how to avoid ending up in a spiral of compounding debt.
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