Military Service Loans

When an individual gets close to payday and finds that they badly need some extra cash before their paycheck comes, they can apply for a payday loan.

But when an individual in the military service needs the same finances for his or her family back home, a payday loan is not going to be as effective. It is too difficult to apply for from overseas, it requires a number of fees that are difficult to afford on a military servicemen's salary, and they are simply not a good option for anyone, let alone a member of the armed forces.

 

Military Service Loans


Some companies, then, have decided to offer military service loans. Military service loans are personal loans provided specifically for those in the military, with amounts ranging anywhere from 100 pounds to 10,000 pounds. These are usually considered short term loans and do need to be paid back in a reasonable amount of time.


Interest rates on military loans are far lower than short term personal payday loans, which makes them beneficial to servicemen. Still, these loans are not "inexpensive" by any means, and do require a financial commitment like all other unsecured loans.


The reason these loans are lower is because lenders can be sure of two things:

1) Military servicemen are far more likely to make the payment.

2) The military is going to pay their servicemen, which is a guarantee that cannot be promised by even the best companies.


And for military men and women, if you need money to support your families, these loans are better than payday loans since the interest rate is not too large.


Be Wary, However

Still, the idea of a "military loan" is yet another way that lenders try to find more people to take out loans with their companies. Lenders that offer military loans are no more honorable than other lenders, and may be just as non-trustworthy, possibly banking on the idea that a military serviceman is less likely to research the lender before taking the loan. As always, it is important to research these loans thoroughly before taking them, and consider a bank unsecured loan or secured loan first if you have the time to apply for one.

 





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