Military Loans vs. Payday Loans
Military Loans vs. Payday Loans
These days there’s a lot of information floating around about payday loans versus military loans. Here’s what you need to know about both products:
A payday loan is a short-term loan, cash loan. Normally, the consumer writes a post-dated check for the amount of the loan plus an interest fee. The lender then cashes the check at the pre-determined due date (which does vary, but usually around 14 days). Cash loans are fairly easy to qualify for; you need to be at least 18 years of age, a U.S. citizen, and be able to provide proof of employment. And, the benefit to this type of loan is that there’s no credit check required!
A military loan is explicitly designed for military service members. Therefore if you’re not serving in the US military and have not served in the past, you will not qualify for this type of loan. Military loans are categorized into several types: home leave assistance loans, bereavement loans, convalescent leave loans, and help loans. Depending on your individual situation, any one of these may be better suited for you. A help loan is probably the most comparable to a payday advance. Help loans are one-time, non-rollover loans for $500. These have fixed-rates and four equal monthly payments.
Tags: cash loans, credit check, military loans, personal loans