Short Term Military Loans

Sometimes, due to the circumstances of a military lifestyle, borrowers may not have the highest credit scores. Frequent deployments or reassignments do not allow for developing the stability that credit agencies seek. Glitches can prevent periodic paychecks from being available in a predictable and timely matter. Meanwhile, bills and late-payment fees mount steadily. Sometimes, for reasons beyond their control, military borrowers can find themselves ineligible for prime credit rates. Instead, those who serve in a military capacity often discover they are only eligible for sub-prime credit rates when applying for short term military loans. To be fair, sub-prime lenders are not always the predatory lenders they are assumed to be. In fact, one must remember that they at least provide borrowers in this situation with an opportunity to receive much-needed funds. By faithfully repaying such loans, the military borrower may be able to improve a credit score to the point where he or she is eligible for a better interest rate. Such loans can help keep a person afloat until finances improve.

Loans may be available for amounts ranging from $500 to $10,000 for certain military personnel. The amount of money available for borrowing usually is determined by the person's ability to repay the loan. This is measured by the borrower's income and present debts. Once the application and required paperwork has been submitted, a decision about short term military loans can usually be given in a day, and approved funds can be directly deposited into a stateside account within several days. If the applicant wishes, a check can also be mailed to a U.S. address.

Another popular choice for short term military loans is a payday loan. Most financial advisors look to this option as the least desirable solution because of the extremely high interest rates on these loans. Also, there is a great likelihood of becoming mired in ongoing debt due to the way these loans flip over if they are not repaid in a timely manner. Fees which are imposed in this case serve to make it even more difficult to become free of the debt.

Using a credit card or cash advance to fund short term military loans is only a slightly better answer to this dilemma. Interest rates, although much better than those imposed by payday loans, can still be significant, and balances can mount steadily. This is especially true if only the minimum amount is repaid each month. Minimum payments cover only slightly more than the interest costs, ensuring that the borrower will end up paying many times the original loan amount. Finally, the option of repaying only the minimum amount can be tempting to those who may find it easy to use the credit card for other 'opportunities' or 'emergencies' during the time they are trying to repay their original purchases. Without a fixed term, borrowers can find themselves in a debt cycle which never seems to end. At times short term military loans -- even those with higher interest rates -- will be repaid sooner due to the stricter terms and the undesirable prospect of having to pay such a high rate for a long period of time.

Other options for short term military loans can be found in a variety of places. Debtors can attempt to work out a payment plan with their creditors. Free or low cost consumer agencies offer financial counseling and help with designing a budget or arranging payment plans. Creditors are usually willing to work with those who seem to be sincerely trying to repay their debts. In this way, the lender may recoup more than the amounts surrendered by collection agencies. However, be sure to contact the lender at the first sign of trouble instead of avoiding the situation. This will assure lenders of the sincerity of the borrower's intention to repay the debt, and ensures that they will be more willing to work with the situation. Many religious institutions, faith-based groups and community organizations are willing to provide assistance with a short term emergency. Loans may be obtained from family members, but care must be taken to avoid creating additional problems by this solution. Uncomfortable situations can develop which strain close relationships when owing money is involved. In fact, many people would rather deal with paying high interest than disclose their financial problems.

No-credit-check short term military loans, which are usually for a smaller amount of money ($500-1,000), may provide a temporary solution. Although the terms are short, and the interest may be high, it is one possible solution for an emergency. Whatever solution is chosen, be sure to read and understand all terms and interest rates. Owe no man any thing, but to love one another... warns Romans 13:8. For long term financial stability, some type of emergency savings should be accumulated. Even if only a small amount of money can be put aside at a time, this is a step in the right direction. Shoot for a small goal at first, such as saving $100. Later this can be increased to $500, then $1,000 and eventually to an amount equal to two or three month's pay. Setting aside unusual gains, such as tax rebates or re-enlistment bonuses, can help a person arrive at the goal of not having to rely on credit in times of emergency.

Source: http://www.christianet.com/paydayloans/shorttermmilitaryloans.htm

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