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Payday Loans Military

Serving those that serve us : Payday Loans Military

It is a notion that civilians have about people serving in the military. The impression is about military men and women being somehow better and well off in many ways than the general public. Though to some extent that may be true, but military men are the same as civilians when it comes to their daily needs. And like every one of us, they too face emergencies for which they require immediate cash. Military personnel hence, are as much in requirement for payday loans as the rest of the citizens.

A payday loan is a loan for a small amount (usually $100 to $1000) that is given to meet contingencies of people who have a job and a salary, but no other means to meet an emergency that has crept up. Payday loans are expected to be repaid by the next payday or spread over a few months, depending upon the need of a borrower.

Like the rest of us, military personnel also have to face emergencies related to the health of a loved one, urgent bill payment or even the breakdown of a car. Often they find themselves unable to pay for such an eventuality and this at a time when the next payday may be just a few days ahead. And more than the rest of us, perhaps, military personnel dislike borrowing from others. It is for such a scenario, that payday loans for the military are being given by many financial institutions, from both the banking and the non-banking sector.

One might wonder, since there is already payday loans available in general, what is the need for a special military payday loan Also what is so special about them The answer to the first question may be that special military payday loans are a means of serving those brave people, who serve the nation, who protect the nation and in their own way sacrifice a lot for the rest of us. Special pay day loans military can be said to be a little token of gratitude for these people.

The special thing about pay day loans military, is its low rate of interest. This is also the reason why it has been segregated from payday loans given to civilians. Almost every company that offers a payday loan gives the same to a military personnel at special interest rates, which is lower that the usual rate. It is also flexible where a soldier has an option of choosing to repay a loan on the next salary or spread it out over a period of time. There are also special offers from time to time and the time for approval and requirement for documentations is also less.

This is done for two reasons. First is a special preference taking into consideration that it is job in which the nation is above self, and second is a more economic reason that military people have more job-guarantee than the rest of us. This is to say that someone working in a private sector has a greater risk of not getting the next paycheque than someone in the military. The private sector is prone to market fluctuations. Companies go bankrupt overnight. There is hence, a larger possibility that someone taking a payday loan will not be able to pay it back, compared to someone in the army, navy, air force, coastguard or any other military service. Also the salaries for the military personnel is usually on time.

Apart from the special low interest rates and the schemes available to them from time to time, another noteworthy, and laudable thing about such loans is that there is no discrimination in terms of rank and status of the personnel. Besides this, the rate of interest that is specified on any payday loan amount is also the same irrespective of rank or class of the personnel.

Though it may sound that pay day loans military are available only to those that are actively serving the nation, yet those that have retired or are non-active military personnel also have this facility available to them. Though, it won't be called a payday loan since retired personnel do not have a payday. It is known as an advance loan. There are corporate companies which offer special payday loans or emergency advances to those that are retired from the military. The rate of interest and other benefits that the usual military payday loans have, also accrue to the retired personnel.

The only eligibility criteria for a military payday loan, is for some one to be working or

retired from the service of the military. In the applications for military payday loans, one is asked to prove his or her military status by providing identifications and other personal information when required. After the verification of status, which thanks to the internet is fast, the loan is approved and is either given as cash or electronically transferred to the bank account of the borrower. Repayment is done usually by giving a post dated cheque, or by electronic transfer of money.

Though discounts and other offers are aplenty for military personnel, the importance of a good credit history cannot be overstressed. It is not that a bad credit history will not get one a military payday loan. It will. Only the rate of interest will be higher. Despite this, the interest rate will be comparatively lower for military personnel with a bad credit history, compared to a civilian with a similar track record.

The two things on needs to keep in mind while taking a military payday loan, is the rate of interest and penalty for failure to repay on time. Also though most of them do not, yet there are a few institutions that clandestinely charge an outstanding fees even on military loans. This is something that has to be watched out for as it adds up to the repayment cost.

Military men and women are perhaps second only people working in multinational companies, to be sent abroad. And though the pay may go to the family of the personnel, it may seem that he or she would be at a disadvantage when it comes to emergencies that can be fulfilled by a payday loan. Not so, since the internet allows a military personnel to go online and apply for a payday loan from anywhere.

One thing that needs to be kept in mind while going in for a online payday loan, is to check a sites commitment to the military men and the authenticity. It is best to go in for a site or organization that is solely dedicated to giving out various types of loans to military personnel. Such sites and organisations keep themselves abreast of the needs of the military personnel and would thus have a rate of interest and other services that are based on this knowledge and understanding.

It is often observed, that military personnel are not as well compensated in their jobs as are those in the private sector. However, there are many benefits that these people get. While perks and advantages in different things keep the military man happy and satisfied, special interest military payday loans, ensure that even emergencies are taken care of for these brave people who serve their nation selflessly.


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