Are you in need of quick cash and are a military member? Being part of the military gives you a lot of tangible benefits. You may receive special training and education assistance. You are also honored for serving your country. You can also obtain a suitable loan with ease since you are protected from unfair lending. Applying for a short term loan should not be that hard for you even if you are not on active duty.
Lenders of short term loans are subject to the MLA (Military Lending Act). These prevent them from setting unfair fees and rates on short term loans. According to this act, a lender should not charge you penalties if you decide to pay back the loan before the agreed time. The MLA also requires a 36% cap on the interest rates. This cap applies to interest rates of loans that should be repaid within three months.
It also prevents a lender from forcing you to agree to automatic repayments from your monthly income if you are not ready for such commitments. Since the MLA protects your interests, you can get a short term loan and pay it back comfortably without feeling harassed. You should ensure that you apply for a short term loan that the Military Lending Act covers. Most of the loans that are not under this act come with high-interest rates that can make it hard to pay back.
Since the MLA does not cover some of the secured loans, you need to be careful when applying for a short term military loan in America. Understanding everything about the loan can prevent you from being a victim of unscrupulous lending. If you choose a short term loan covered by the MLA and believe that the lender violates this act, you should inform the Consumer Financial Protection Bureau.
Being a member of the military makes you eligible for certain loan types, including short term ones. A lot of lenders offer different types of loans to military members as well those that have retired from the force. Whether you need quick cash for a medical emergency or any other significant expense, you can qualify for a loan ranging from $ 500-40,000.
Every branch of the military also has a relief society to help its members. You can make use of the programs that are available in military relief societies to sort your financial situation. For instance, military relief societies sometimes offer programs such as interest-free loans, financial counseling, and even grants. If you acquire a grant, you can solve your issues without having to make any repayments.
As you compare your options, you need to focus on factors such as fees, APR as well as credit eligibility. You can qualify for a short term loan if you have a credit score of at least 600. Ensure you choose a licensed lender that complies with the regulations of your state. The lender should also offer flexible repayment terms.