Military servicemen and women often require cash advance loans like any civilian in America, but they often try to find a personal loan product that favors those who serve in the United States Army, Navy, Marines, etc. – unfortunately this tends to create an atmosphere whereby predatory lenders claim to be helping out service men and women, when they are actually taking advantage of them because the false trust perception some military personnel due to the name(s) of the lending institution. It’s also common for these so-called military lenders to claim they can take a borrowers application, screen it, and approve the loan within minutes. This is usually not the case. It’s actually shameful that our soldiers are abused by these kinds of predatory lenders.
Military cash advances are generally applied for and approved over a 3-5 day period – NOT fast or in 15 minutes. Certainly NOT rapid as most glorified military lenders claim. Most of the Military loan companies are nothing but Payday Loan companies and cash advance companies. This left an opening for other military loan companies to claim a better short-term loan product. Some of these lenders that recognized the obvious opening in market share began offering less aggressive lending practices. Some of these lenders incorporate (allow) installment style repayment with periodic payments being made biweekly or monthly. However, they still have punishing penalties for defaulted clients, and late payment fees that take advantage of clients temporary bad luck.
These new Payday Loan alternatives for Military Personnel Are as Follows:
- Pioneer Lending (web site)
- Omni Military Loans (web site)
- World Wide Military Loans (web site)
- American Military Loans (web site)
In fact these companies are true cash advance companies, and they all state loud and clear that they are NOT payday loan companies. This doesn’t mean you can disregard their high fees, and high APR. You need to be fully aware of their cash advance agreements. If you are serving in the Marines, Navy, Airborne, or Infantry, don’t think that for one second these companies are going to treat you any better than conventional lenders who service the civilian market. They’re out to make money and that is their first and singular intention. They will dress up their offices and web sites in camouflage colors in effort to make is seem like they’re on your side and can relate with you, but the simple fact is they have no idea what your life is like, and they just want to profit from the APR and fees they charge. I’ve dealt with 3 of the military lenders listed above, and I’m telling you – watch your step when you borrow money from them. Be sure you pay every cent off on time and full. Otherwise you will experience the full brunt of their fine print.
Alternatives to Military Cash Advances
I recommend you take a serious look at these military cash advances and take a good close look at lending products at conventional civilian banks, and private lenders. You may find that the conditions, rules, and fine print in a conventional lender’s application form are better for your bottom line in the long run. Don’t get fooled thinking a military cash advance is going to ensure you are treated better or more fairly. Their disingenuous marketing and condescending ads should be enough to throw up “red flags”. These military lenders are nothing more than bankers in suits trying to pull the camo over your eyes. When it comes right down to it, banks PERIOD are out to make as much profit as possible – they don’t care about giving a cash advance using conventional APR either.
Why Military Cash Advances are Such Strong Lending Products
Well that is obvious right. The so-called military cash advance companies only lend to borrowers who are active duty, on a military pension – as long as you are getting a check every month from Uncle Sam, you are golden with these lenders. So not only do they charge high fees, penalties, and APR, they have the security of only lending to service men and women who have a government check coming from the army, air-force, infantry, or marines. They’ve got the best of both worlds here – Employed borrowers with guaranteed incomes, and usually young enough to have little capital, and young enough to put themselves in desperate financial straights, and young enough to use their cash advances, not understanding the full implications of the lending contract.
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A LOAN CALCULATOR FOR CRUNCHING YOUR NUMBERS IS BELOW; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).
3 Comments
It makes me sick to hear about these cash advance comapnies taking advantage of our men and women in uniform. They should be shot!
Yeah, I hear you. Predatory cash advance programs targeting young military personnel is unfair, and downright criminal.
On the other hand for the sake of argument, it’s not like service men and women are some how mentally challenged and can’t figure out for themselves how these cash advance companies work.
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