If you are in the military, you probably have had a hard time trying to maintain paying your bills at one time or another. You have probably often thought of a military loan from a bank or a place that advertises military payday loans. The only real difference is that they are labeled differently by the lenders who give them the money.
Military loan programs are available for all ranks and branches of the military. Make sure to understand the basics of military loans before you apply though. Military loans can be found at other places if you wish to avoid the high interest rates that come with any type of payday loan lender. The trick is to find a bank, credit union, or another lender who does not charge outrageous annual percentage rates to military members.
Since only a select few nationwide banks offer personal loans anymore, many military members are faced with what they should do in order to get some cash when an emergency arises in their home. You would think someone would be able to help them out besides the lenders who offer high interest rates on their products, especially since they serve our beloved country.
However, now there is help from the military and the United States government regarding options for the men and women who serve our country. There are companies out there who can help you find a military loan even with bad credit. I would recommend trying the major banks first and seeing if any of them in your area are offering personal loans. One bank that is still offering loans that may be able to help you in your time of need is Wells Fargo. The catch is that you need to have received an invitation in order to apply for their personal loan.
So if you didn’t get the invitation, chances are that you will have to apply for a personal loan with poor credit elsewhere. I would definitely recommend going to your military branch credit union and asking them about how they can help you. They specialize in dealing with the service members and they may be able to provide you with a list of places where you can even get a military loan with bad credit.
There is a new e-book that is available for service members to read on your options and how to avoid being taken advantage of by payday loan lenders. You can find it here at http://www.twasite.com/Portals/92141/Transworld-Assurance/trans_world_assurance_military_loans.pdf. This document is free for you to download and lists the options that are now available for military loans through your branch of service. The book is easy to read and is pretty straight forward. You can find out all the information you need to know about how to apply for these specific types of military payday loans. One more thing that is nice about this since it is through the government and they recognize your hard work to protect us, these loans unlike other payday loan lenders, do not charge you interest.
Lastly, the e-book is a wonderful tool as it gives you all of the contact information including web pages for various emergency military loans. Some branches will give you more money than others, so please be sure to read your section of the book and not another branches.