Pay Day Loan

Do You Need A Pay Day Loan For Military Service?

They’re the best of the best—the hard-working men and women of the U.S. armed forces.  They dedicate their lives to keep us safe here at home.  But while they are out there overseas, they have another enemy to face: debt.  The knowledge of risking their lives only to return home and face foreclosure, repossession, and the hassle of credit card companies is weakening the overall morale of the military.  Many military members look for ways to get out of the debt cycle.  One of the ways they seek this relief is through a military payday loan.

A military payday loan is a temporary solution to a financial crunch.  It’s where a non-conventional lending company loans out a sum of money (averaging $250) to a military member.  The recipient is expected to pay back the loan within a set period (usually the next payday).  The interest rate is generally $10-$20 per $100.  If the loan can not be paid by the deadline, the interest rate will sharply and rapidly increase.

Many critics of payday loans have suggested that military personnel are specifically targeted by these payday loan companies.  While a military payday loan is perfectly legal, pay day loan companies are often known as predatory lenders.  It is estimated that 20% of people in the armed forces (1 in 5) frequently rely on these type of loans.  The problem beyond the financial struggle is that by getting service members trapped into these type of loans, it diverts their attention from their very important jobs: keeping their loved ones and their country safe.

Pay day loans are best used as a one-time fix, not a continuous crutch.  If you are unsure if you will be able to pay back the loan, the best thing to do is to find a different alternative: borrowing from a friend, getting a loan from the bank, or applying for a credit card.

That being said, if you are interested in finding a company which provides military lending, a good place to start is Pioneer Military Lending.  They offer competitively priced loans and interest rates, no matter what branch or rank.  They also provide services to members of the Department of Defense.

Pioneer Military Lending gives its members a 15-day return policy allowing a loan to be cancelled at no cost.  They factor in the frequent deployments and financial hassles of men and women in service.  They use a custom credit scoring model based on these unique circumstances to determine the true creditworthiness of potential clients.

Applications are encrypted and secure.  The organization is also a proud member of the Better Business Bureau Online Reliability Program.  This means their web site is both secure and reliable and their business practices comply to the highest standards.  They can be contacted at 1-888-430-5176 or 702-732-0108.  You can also visit them online at http://www.pioneermilitaryloans.com.