The best payday loan alternatives for military personnel
Military personnel do so much to serve the nation, it is sad that they have to be victims of predator financial lenders. Some lenders impose too much interest rate on payday loan, which can build up to 400% of the original amount. This has gotten many personnel into huge debt cycles.
Here is what you should do to avoid these payday scams
Get a personal loan
Personal loans may take longer than payday loans, but they are a good alternative. Conservative personal loans took more than two weeks in the past, but now, you can get them within a few business days. Personal online sites are simple and easy to apply if you are in the military personnel. Some loans will have very high interest rates, especially when you have a lower credit score. Personal loans are better than payday loans because they have a lower interest rate in general and you can get them in higher amounts.
Introductory APR credit cards might do the trick
APR cards are available to people with an average and high credit score. This option is definitely worth a consideration even when you have a poor credit score. Getting a credit may take you a few days or weeks, depending on the lender. This is a good option when you do not need the immediate cash.
Try getting a credit cash advance
Getting a credit cash advance is easy when you already have a credit card with some available credits. Cash advance has a higher interest than a normal APR but is definitely worth it when you are facing a financial crisis. The credit will also charge you a fee for taking out the money, but the same goes for a payday loan when it is deposited in your bank account. On the flip side, a cash advance will have a lower interest rate compared to that of a payday loan.
Check out payday alternative loans (PALs)
Credit unions have created a loan option where you can borrow a small amount of cash and pay it back within a short period of time. These loans have a lower interest rate compared to the normal payday loans. Payday loans have become more problematic when it comes to their interest rates, payments and scams, these alternatives can be a better option. You will find companies that specialise in alternative loans for military personnel and their families. They are non profit companies that seek to combat payday loan crisis in military bases.
Military specific personal loans and SCRA benefits are good alternatives
Some military specific organisations offer loans to military personnel at lower interest rates. The loans have lower interest rates and a flexible repayment term. They do not have any costs or hidden fees, meaning you pay back what you got from the organisation. Military credit unions and mainstream lenders will offer such benefits to military personnel. You should ensure the company asks for SCRA information to get the full benefits if you are an active duty member.
Need quick cash? Ignore the neon payday signs. Better options exist and the best ones are available for our military members and their families. These are the best payday loan alternatives for military.