Guaranteed Payday Loans for Military

The military personnel are protected by the government and there are laws that are enacted to protect them from abuse and financial scams. Despite of all the provisions to help them, there are still a lot of cases where they and their families are being taken advantage of. It may make them end up in bad financial conditions.

Military Personnel and Their Cash Needs

Persons serving in the military have cash needs just as everyone else. The problem is that they usually do not have the means to meet those needs. That is why they are forced to take desperate measures in order to get the cash that they need.

Fast Payday Loans Seem Attractive

At first look guaranteed personal loans will seem attractive to the military personnel. They would easily qualify for them as they have a steady and reliable employer. It seems like an attractive means of solving their financial problems once and for all. Other reasons why the seem like a good idea is the fact that guaranteed payday loans for the military require no credit checks, no additional documentation and no teletracking.

Cash Advance Loans Are Not for Military Members

Despite the attractiveness of payday loans to a lot of people, legitimate payday lenders are not permitted to lend money to members of the military. This is a result of the law that was passed way back in 2006 and took effect in 2007. The law was part of the recommendation by the Defense Department concerning guaranteed payday loans for military personnel.

A Common Sight

Before the law was passed direct cash advance lenders had been a common sight around the military bases. They mainly cater to the people who serve in the bases. Direct lenders access the borrowers' bank account and the company can debit the interest or the whole amount that was borrowed when they want to.

A Little Too Much

A lot of people are concerned about such practice. They believe that using the bank account as a means of security is a little too much. What happens is that a borrower provides access to his bank account or he would issue a check that would cover the loan along with the fees. As the loan normally reaches its maturity in two weeks or a month it puts the borrower in a tight spot.

What Is Prohibited

The law also forbids online payday lenders to use vehicle titles as security. It is also not allowed to charge anyone for early payment. It also prohibits the use of clauses in contracts that would prevent a borrower from suing the lending company.

Many Alternatives

As the military, there are so many more options for getting the money that you need than just guaranteed personal loans. There are alternatives that you can use in order to gain access to cash and you should check out those first.

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