Military Payday Loans - Serving The Military's Need
Written by: Peter Sissons
Payday loans are the short-term loans for immediate cash
requirement. This facility is just for emergency as per the
situation or the circumstances. Getting approval for a job is
not big job but to repay it in timely manner is much more
important and crucial. In case of non-repayment of loans give
bad credit profile to the borrower. The most affected amongst
these borrowers are the military personnel.
Many newspapers gave a detailed report fro 2003-04 as how
military personnel are targeted by the payday loans lenders and
how military personnel get affected by military payday loans.
Report clearly stated that military payday loans have maximum
outstanding of repayments. The recent reports in papers stated
that payday lenders are much interested in giving military
payday loans to inexperienced and young military personnel.
These people get low wages and shoulder lot of family
responsibilities, which are not fulfilled by their paychecks.
Thus military people are always in need of cash. Further they
receive checks from the government, which are timely and
accurate without any unforeseen deductions. This helps them in
availing loan very fast.
Lenders for military payday loans have different locations.
Generally they are located in areas nearby to military bases.
They also use military bases connections to reach out to the
military recruits and other persons. They also keep their firm
names based on the military base name. These lenders are usually
former military persons or appoint former military person to
avail military payday loans to the people for the base.
Military persons should be very conscious while availing
military payday loans. It is most likely that the person gets
trapped in the debt trap, which leads to the fear of getting
reprisal from their senior commanding officer. In fact the
person who has taken military payday loans and fails to repay
the amount is a victim against the violation of UCMJ Act 123a
and 134. Under this act he can be punished in different ways to
the extent of being court-martialed. He can also have loss of
security clearance or may be transferred to different unit or
can be discharged of his duties.
Due to insufficient incomes many military personnel are going in
for military payday loans. This eventually leads to financial
stress as the person needs to meet the expenses both at home and
abroad. This is the main reason that military personnel go in
for military payday loans. Due to arising bad debts from
military people, military has started to help out its people.
Outside organizations like Army, Navy Marine Caps, etc have also
come forward to help. They have decided to provide financial
counseling and then if required they provide the financial
assistance. To fulfill short-term needs of the military
personnel military credit account has also been opened.
To qualify for the military payday loans one must be an active
duty member of military or 20 years retired duty member. One
should have the most recent LES and military identification.
This facility of military payday loans is open for all ranks and
all grades of people. Applications are reviewed on the basis of
filled in details. This financial situation can be seen through
rank or grade at which the person is positioned. The safeguards
and strict controls keep all the information completely
anonymous. Services for military payday loans are committed to
provide loan to whole country's armed forces present worldwide.
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