When to Get a Military Payday Loan
Are you considering a military payday loan? If so, there are some important things you should know about military payday loans and how to choose the proper time for getting one yourself. If you are temporarily out of funds and need to use a military payday loan to get you by until your next paycheck then it could be a useful tool.
How do you know when to get a military payday loan? Here are some things to consider:
- You have multiple bills all due and you know that your paycheck will not cover it
- You have emergency medical needs and it can’t wait until your paycheck
- You had to pay for a sudden unexpected expense that was not covered by your monthly budget
- You need to help a close friend or family member out of an emergency situation
Some of the most opportune times to seek a military payday loan is when you are in desperate need of cash but know you will be able to pay it back on your next military payday. Most members of the military get paid either once a month or twice a month. This makes it easy to know when you will be getting another paycheck and how much it will be for. It can sometimes be difficult to stretch one paycheck throughout the entire month, especially if an emergency or accident occurs. This is how military payday loans can help you.
What does it take to qualify for a military payday loan such as this? Military loans are given to active duty and retired service members still receiving a government check each month. If you are active duty, you will need to have been in for at least 3 months to qualify for the loan.
Your paycheck will need to be at least $1,000 per month, which should apply to all active duty and most retirees as well. The amount which you borrow will typically be deposited into your bank account and you will get an email or phone call to tell you it has been deposited.
As far as paying back the loan, things are pretty simple. You will receive a direct deposit payment from the military on a specific date. Your loan arrangements will be set up so that you pay back the loan with a direct debit from your account on that predetermined date (usually the 1st or 15th of the month).