The military personnel of a country are responsible for safeguarding it. The government compensates them well and also takes care of them after retirement by providing pension. But they have families and needs just like ordinary people and there are times when they need that extra cash.
They can of course take care of unforeseen expenses by overdrawing their account but chances are that they have already done that and the fees charged by banks are very high. There may arise situations when they have issued checks for payment and have realized too late that they have insufficient funds in the account. If funds are not arranged for immediately, the checks will bounce inviting hefty fees and even legal hassles. A military payday loan is the best option in such situations.
A payday loan which is issued to military personal to be repaid within 14 days or the next payday in a lump sum or in installments over successive paydays is called a military payday loan.
A military payday loan has a unique feature which other normal payday loans do not have – strict regulation by the government. The government does not want its military personnel to be exploited by unscrupulous payday lenders who left to themselves would charge very high fees for military payday loans. The government regulates not only the fees which include interest and processing charges but also the loan amount ceiling and the terms of a military payday loan. It does not want the people of the military to get embroiled in debt. So borrowing a military payday loan is a tad difficult compared to other payday loans especially if the amount is large.
A military payday loan is to be taken only in an emergency. It is the last resort when there is urgent need for money. It is not to be considered as a regular source of money.