FAST FINANCING FOR MILITARY MEMBERS
A military loan with short terms and low rates is a legal and safe payday loan alternative for military members and their families. Structured around a military borrower's spontaneous lifestyle, a short term loan provides rapid cash and easy online repayments for the financial flexibility they require. Short term financing for active duty military personnel, veterans, reserve duty military members, and their dependents provides funds to pay for a well deserved vacation before deployment, for families to cover expenses during a move, or to build capital that would go toward starting a small business. All types of military professionals with bad credit, good credit, and no credit apply for a military alternative to a payday loan as a smart way to manage their money.
The U.S. government requires lending institutions who do business with active duty military members and their families to comply with special consumer protection laws. From a 36% cap on interest rates to debt collection restrictions, creditors must follow the SCRA and MLA closely or else they could face a lawsuit brought by the U.S. Attorney General. On account of these laws, payday lenders have been unable to offer their services and products to these financially guarded consumers, which has started a demand for an alternative to payday loans. Since military loan products have some of the most competitive and lowest prices, don't settle for just any loan. Military borrowers should carefully review every financial offer and secure the loan with the lowest rate and most reasonable terms.
Most Common Questions about Payday Loan Alternatives
What is a payday loan?
A payday loan is a small dollar loan that has higher interest rates that reflect the easiness of obtaining cash quickly. Usually, repayment is required from the borrower's next paycheck.
What are payday loan alternatives?
A payday loan alternative is an online loan option for millions of consumers who need to get fast access to cash before their next payday.
As a borrower with bad credit, can I get a payday loan alternative?
Borrowers with bad credit can apply for a short term loan. The interest rates and terms will vary depending on your credit score.