The best payday loan alternatives for military personnel
January 3, 2019
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
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
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.
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.
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.
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