Army Offers Payday Loans Alternatives

Week of September 03, 2007

The Army offers alternatives to payday lending to help Soldiers in financial need. Soldiers can fill out an application for an interest-free loan and receive a check the same day with a commander's approval under the Commanders Referral program. Soldiers may receive up to $2,000 a year in two loans and the first loan must be repaid before seeking Commanders Referral again. The timeline for paying back the funds is prorated depending on budget and current finances. Either way, the terms are much more flexible than those of a payday lender. The Army also offers an emergency food program that helps Soldiers buy food when funds are tight.

To learn more about personal finances, visit the Military.com Finance Center.

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