Military Pay Day Loans

2007-03-08 10:33:40

( Financial )



A military pay day loan, also known as a military pay day advance, or a military pay day advance loan, is a loan obtained so that you can meet your financial obligations in between wage payments. These loans provide lower interest rates compared to a civilian pay day loan.

Military pay day loans are only for people enlisted in the army, navy, air force, coast guard and the marines. People in the retired services, but in active duty may also qualify of a military pay day loan.

In order to qualify for a military pay day loan, you will need to provide some background information on yourself including your name, address, telephone number, social security number and bank account information. In addition, you need to have access to a savings, or a checking account. If you do not have access to one with a direct deposit feature, you will need to be open or apply for one. You must also be earning a regular income at for at least the last three months, and be a citizen of the US. In most situations, the financing company will also require you to provide an authorization to your bank, so that the money you owe can also be directly withdrawn from the account when the loan becomes due. You bank information is also required by the financing company, because this is where you will receive your loan proceeds.

A military pay day advance is normally received one working day from the approval of your loan. The amount of military pay day loan that will be granted to you will depend on a number of factors including the amount of net income you receive each pay day. It must be also noted that a processing fee is deducted from the proceeds of your pay day loan.

The repayment of a military pay day loan normally becomes due in full on your next pay day; however, there are some instances wherein financing companies also allow you an extension, or to delay your payment provided, you pay a fee for its delay.

When applying for military pay day loans, it is strongly recommended that you approach financing companies who are accredited with a financial service center in the US, so that you can be qualified to have your loan repayment delayed, and its interest charges reduced should you be assigned in combat until a certain period after the combat period ends.


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