Payday loans are very controversial. While the industry is drastically increasing, at the same time anti-payday loan advocates are shouting their warnings from the rooftops to the "dangerous" loan lenders' "easy prey." This "prey" refers to groups the payday lenders apparently target, including those working in the military--the Armed Forces, the Navy or the Air Force.
Military personnel have been considered targets of payday loan lenders for a myriad of reasons. Those who are working in the military are often young and slightly irresponsible financially; they have lower incomes and family obligations often requiring extra cash; they have fixed incomes from the government assuring payday loan lenders of a reliable source of repayment.
In addition, military personnel can be further tempted to use payday loans because usually at least one cash advance store is located near a military base and these stores and lender often use business names with some sort of military connection and even hire and staff former or retired military personnel to reportedly "lure" them in. However, regardless whether or not those employed in the military are in fact "targeted" by payday loan lenders, the fact remains that military personnel continue to need payday loans, to use them and to survive off of payday loans, and even though some regret their use, others recommend them.
Payday loans are meant to be quick, convenient, hassle-free and short-term fixes for financial emergencies and unforeseen expenses, and they need to be seen as such by all borrowers, including those in the military. Anybody who is an irresponsible borrower can easily fall into the payday loan debt trap--using payday loans for non-urgent financial matters, rolling the loan over multiple times and not paying the loan off right away to avoid the snowballing effect of high interest.
However, if you work in the military and you can be smart and avoid the pitfalls, payday loans can really get you out of a financial crunch quickly and are great short-term solutions for money trouble. Furthermore, there are many benefits to using payday loans besides the fact that it's money when you need it: approval and access to the funds is quick, it's convenient, the application process is easy and uncomplicated, it's secure and there are no credit checks.
Some military bases do not endorse the use of payday loans; others even prohibit their use or at the very least give strong penalties for recruits unable to manage their loan debt properly. If you are considering applying for a payday loan, it's best to find out the particular regulations for your base and be sure you can meet them or be prepared to face them. If you can be smart and responsible, using a short-term cash advance can be exactly what you're looking for to help you with your need.
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