Members of the military are not excluded from the hardships that can come up in life. Times will occur when a military member doesn’t have enough money to make an emergency payment or cover an unexpected bill. That’s why it’s important for everyone to know their options and how they can make it should the worst happen.
Today, we’re going to talk about how service members can get short term loans while avoiding predatory lending and debt traps. This is starting with the most important question, “Can military members get cash advances at all?”
Is there a “Military Lending Act” for Canada?
The biggest problem in finding information for a Canadian military member is our neighbor to America. When you search for help, there’s a high chance that you will come across something called the “military lending act.”
However, this is an American lending activity that is designed to protect American armed forces. The bad news, this isn’t something that we have an equivalent to in Canada. That means military personnel will be responsible for meeting the same repayment terms and qualifications as a civilian. The good news is that military personal in Canada can have access to instant payday loans.
Payday Lending for Military
When you go to a payday lender, you’ll have to follow a few qualifications to obtain a loan. In general, you will be expected to have a bank account and home address at the same place for the past three months.
Also, you’ll need to show that you’ve had the same pay direct deposited into your bank account by your employer for the past three months. Lastly, you’ll be asked for your credit score and other questions based on where you go.
That’s why getting a payday loan as a military member can be hard. If you move around a lot or have no loans to repay, then you could have no credit score or not enough history in the same place.
Other Options for the Armed Forces
While getting a loan from a traditional banking institution can be hard, it’s easy to get a same day loan online from direct lenders in Canada. First, always go to a licensed money lender that has a good history of providing loans, good reviews on Google, and accreditation.
Next, look into alternative sources of short term loans and emergency funds. If you find yourself in financial distress, The Royal Canadian Legion can provide financial assistance, whether you are active or retired.
From the Assistance Fund that provides a grant of up to $1,000 per year to the Veterans Emergency Fund that helps veterans and their families, The Royal Canadian Legion is there to help the military.
The Bottom Line
At the end of the day, a personal loan can be a great way to help your family pay for unexpected expenses that come up when you’re in the military, especially if you’re far away from home. Direct online lenders like iCASH can military personal get approved anytime of the day or night, 24/7, in minutes for a loan of up to $1,500. so that they can put their finances back on track.