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Military cash advances are easier and more affordable than civilian cash advances, with a maximum APR of 36%. Members of the military only need a military ID, a checking account, and a personal check to get a military cash advance. It’s important to decide how much to borrow and whether it can be repaid in the next pay period. Military members should only use cash advances for short-term financial solutions.
Being a member of the US military can have its advantages when it comes to getting quick cash during a financial hardship. A military cash advance is easier and more affordable than a typical civilian cash advance. All you need to get a military cash advance is a military ID, a checking account, and a personal check. A member of the military can write a personal check at a cash advance center for immediate cash, and the check is cashed on the next payday.
The procedure for a civilian cash advance is different than a military cash advance, so those who have taken the traditional route in the past may not know what to expect with a military cash advance. Due to the Servicemembers Predator Loan Protection Act, no member of the military can be charged an APR greater than 36%, much lower than the triple-digit APR many carry. civil cash advances. Due to the much lower interest rates on military cash advances and the resulting loss of earnings, it can be a little more difficult to find a cash advance center that provides a military cash advance.
To get a military cash advance, contact your local cash advance centers, also known as payday loan lenders, and ask if they serve members of the military. Fewer lenders give military cash advances and then civilian cash advances, but many still do. Once you find a cash advance center that lends to members of the military, go there with your military ID and a personal check.
Civilian cash advance applicants often need to bring income and banking information, but for members of the military, proof of income is not needed. The same Servicemembers Predator Loan Protection Act that limits APRs to 36% will also not allow a member of the military to enter another cash advance immediately after the first one is paid off. This is known as a rollover, and it protects military members from being trapped in a financial vicious cycle of borrowing more than they can afford. When getting a military cash advance, therefore, it is extremely important to decide exactly how much to borrow and whether it can be easily repaid in the next pay period.
Once the loan amount is decided, you will complete a personal information sheet at the cash advance center. This includes basic information such as name, address, and telephone numbers. Once the cash advance center has all the personal information it needs, a small cash advance loan agreement can be set up. It will include a loan due date of typically two weeks to one month, the loan amount, the fee, and a disclosure that the cash advance center has the check and is allowed to cash it on the due date, and that Applicant may be charged for insufficient funds. Please read all the fine print carefully before signing.
After signing the agreement, write a personal check to the cash advance center for the full amount of the loan and the fee. They will hand over the cash and hold the check as collateral, cashing it on the due date. Although it is a quick and easy procedure, military cash advances are intended for short-term financial solutions and should only be used in emergencies. Any longer-term financial issues need to be addressed differently.
Smart Assets.
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