Just like any other payday loans, military payday loans are given for a short period of time usually till the arrival of the next paycheck. These loans are usually of small amounts ranging from $500 to $1000 and are to be repaid within 15 to 25 days. These loans are provided only to the army personnel and they have fewer restrictions and penalties associated with them. However, there are certain things that have to be kept in mind before taking such loans. There are a set of military financial rules which army personnel need to follow while applying for cash advance. As per the Military Code, the soldiers that cannot repay their loans on time may be sentenced to court marshal, transfer or military discharge. Hence military loans should be taken very seriously. You should only take them if you are confident of paying them back on time.
When Can I Receive The Money?
There are many reasons that you may need to apply for military payday loans. You may be serving in another country and your family might need some urgent cash, or there might be some medical emergency. Payday loans usually attract higher interest rates and hence you need to make sure that it is affordable to you. Once you apply for the loan, the money would be electronically transferred to your bank account within the next 24 hours. As a serving officer, there are no credit checks done on your credit history. Hence the procedure is quite quick and hassle free.
Military loans can be used for any purpose. Usually these loans are to be paid back once your paycheck arrives. If you inform the company beforehand, they can extend the repayment date with applicable penalties. However, the penalties are quite high and if you fail to pay them. So do make sure you pay back military payday loans on time.