Getting A Cash Advance For Military Personnel
Serving in the U.S. military will offer you many financial advantages such as speedily receiving money in times of dire need. As the name suggests, a cash advance for military is exclusively available for military personnel. Such loans are short-term in nature and both serving and non-serving military personnel are eligible to receive such loans. They are increasingly becoming popular due to the simplicity of applying for them and serve as a big relief when you need fast money between paydays, especially during the current economic recession.
Getting an approval for such loans is straightforward. The minimum requirements one has to fulfill is to have his or her military identification, a checking account, and a personal check. Due to the advent of the internet, getting loans through many online lenders is very easy. There are a host of different online lenders providing such services over the internet with varying rates and fees. There are also many local cash advance centers also known as payday loan lenders.
When applying for a cash advance through a local lender, you need to fill out basic personal information like name, address and phone number and then decide upon a small loan amount. As with many other civilian cash advances you do not need to provide any proof of income. Most local cash advance lenders require a post-dated check. You need to forward this post-dated check to the lender with the full amount of the loan and the related fees. Once the lender receives this check, it will be held as collateral and subsequently the loan will be given to you. The loan amount mostly range between $100 to $1000. Such cash advances should not be used for large amounts.
If an online lender is used then the procedure is much simpler and quicker. You do not need to send a post-dated check. All you need to do is grant clearance to the online lender to deduct the loan amount from your given bank account. The online process will generally take about an hour to complete and is a much better option for you if you need the money in an emergency.
Another fact worth remembering is that according to the Service Members Anti-Predatory Lending Protection Act, no military member can be charged more than a 36 % annual percentage rate. It is also crucial that you decide exactly how much you need to borrow and if it can be paid before the next paycheck period. However, in any case, the same Service Members Anti-Predatory Lending Protection Act will not allow a military member to immediately borrow more before the first cash advance for military is paid off.
Getting an approval for such loans is straightforward. The minimum requirements one has to fulfill is to have his or her military identification, a checking account, and a personal check. Due to the advent of the internet, getting loans through many online lenders is very easy. There are a host of different online lenders providing such services over the internet with varying rates and fees. There are also many local cash advance centers also known as payday loan lenders.
When applying for a cash advance through a local lender, you need to fill out basic personal information like name, address and phone number and then decide upon a small loan amount. As with many other civilian cash advances you do not need to provide any proof of income. Most local cash advance lenders require a post-dated check. You need to forward this post-dated check to the lender with the full amount of the loan and the related fees. Once the lender receives this check, it will be held as collateral and subsequently the loan will be given to you. The loan amount mostly range between $100 to $1000. Such cash advances should not be used for large amounts.
If an online lender is used then the procedure is much simpler and quicker. You do not need to send a post-dated check. All you need to do is grant clearance to the online lender to deduct the loan amount from your given bank account. The online process will generally take about an hour to complete and is a much better option for you if you need the money in an emergency.
Another fact worth remembering is that according to the Service Members Anti-Predatory Lending Protection Act, no military member can be charged more than a 36 % annual percentage rate. It is also crucial that you decide exactly how much you need to borrow and if it can be paid before the next paycheck period. However, in any case, the same Service Members Anti-Predatory Lending Protection Act will not allow a military member to immediately borrow more before the first cash advance for military is paid off.