Military Cash AdvanceYou may discover that many lenders will offer special military cash advances for personnel of the military. There are also some cash advance lenders that will offer specialized services to personnel of the armed forces. Traditional cash advances and loans that are better suited to those in the armed forces may be available through these types of lenders.
You should be aware that, as a member of the armed forces, there are financial guidelines that apply to you, and they may be relevant to military cash advances. According to the Military Code of Justice article 123a, personnel of the military that do not meet their commitments, pertaining to financial matters, can be subject to confinement, cleared of duties, court martial, transferred, or even discharged. Cash advances are a financial commitment that should be taken in a serious manner, especially to those that are military personnel.
The typical guidelines for military cash advances allow you to borrow up to 40% of your take home pay each month. The main question that many borrowers ask is, how soon can I expect to see my military cash advance in my personal bank account that is accessible to me? The answer for this question will depend on whether you are stationed in the United States or overseas. If serving within the U.S., your military cash advance should be available to you and in your account in 1 to 5 days. If you are serving overseas, you will have to make the choice on how you will receive the money, either through Western Union or a wire transfer. By using Western Union, you will have access to the money immediately, and by using a wire transfer, the funds will be available to you the morning of the following business day.
A military cash advance requires no credit check because of the high ethics of military personnel and the Uniform Code of Military Justice. Cash advance lenders are more that happy to give military cash advances to individuals that are serving our country. All armed forces personnel that are currently serving will qualify for military cash advances. If you are not serving in the military, you should look into taking out a typical cash advance.
A cash advance is an advance on your paycheck that you receive the following month, and you should plan to pay it off when you are paid. If you cannot pay off your military cash advance, there are many lenders that will allow you to extend the repayment period; however, you will have to pay a fee.
Military cash advance lenders have fixed fees, rather than interest rates, and these fees generally apply to a loan period of 14 days. The fee will be in the range of $10 to $30 for every $100 that is borrowed. Every 14 days, the fee will be applied until the cash advance is fully repaid. Therefore, if the fee is $15 for every $100 borrowed, the Annual Percentage Rate (APR) on the cash advance would be 391.07%.
You can use a military cash advance for whatever you want, as there are no restrictions on what you can use the money for. Most lenders prefer that you only have one cash advance taken out at one time, but there are some lenders that will let you take out more than one for a fee.