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Military Payday Loans

There are other types of loans that are as quick and easy as payday loans. Some of these are directed at specific groups within a community. In the United States of America in particular, and especially near military bases, there seem to be posters and other material advertising "Military Payday Loans" on every street. These advertisements also appear on financial websites and websites that relate to the military, such as recruitment sites and political discussion boards. Due to the United States Army's involvement in the Iraq war, and the much-publicised struggles of their families to make ends meet in their absence, these military payday loans have become a boom industry in the last few years.

These types of payday loans are extremely profitable for the companies that provide them - more so even than regular loans - and they draw a large profit each year from military families.

The key to the lending companies' profit - and, of course, the reason for the losses of the families who deal with them - is the fine print. The military loans companies have become experts in hiding from their clients what is actually involved in taking out a payday loan, thus playing upon the families' uncertainty about their financial future and their fear of unexpected medical bills.

First and foremost, certain military payday loan companies are out-and-out scams. Military websites have labelled them as diseases, or viruses, and sent out warnings to soldiers to beware of the risks. The trick is to hide the damaging information - which would make the applicant change their mind about taking out a payday loan - in the small print of the terms and conditions, or even not to mention it at all. Instead the companies tend to focus on putting a positive spin on other aspects of the loan.

Nevertheless, the payday loans for the military do have some positives. They are no slower than standard payday loans, and because there are usually several offices near each military base, the loans are accessible too. Secondly, the screening process is much less strict than for any other type of loan - a sign of compassion or greed, depending on your opinion of the loans companies. Thirdly, due to their advertising boom, there is a great deal of companies to choose from, so people do not have trouble in finding a loan that suits them.

The issue of Military Payday Loans is becoming a social issue in the United States of America. The general public is willing to throw its support behind the American troops and their families, and this has involved protesting against unfair or illegal loan providers, resulting in some of them being closed down, resulting in military families being offered loans on more favourable terms. In their turn, many loan companies have reduced the amount of paperwork that they demand of their applicants, and so nowadays people are able to receive their money faster than before.