How do I get a Military Cash Advance?

Allison Boelcke

Being a member of the US military can have its perks when it comes to getting quick cash during a financial difficulty. A military cash advance is easier and more affordable than a typical civilian cash advance. All you need to get a military cash advance is military identification, a checking account, and a personal check. A member of the military can write out a personal check to a cash advance center to get immediate cash, and the check is cashed on the next payday.

Military cash advances are usually cheaper than civilian ones.
Military cash advances are usually cheaper than civilian ones.

The procedure for a civilian cash advance is different than a military cash advance, so those that have gone the traditional route in the past may not know what to expect with a military cash advance. Due to the Service Members Anti-Predatory Lending Protection Act, no military member can be charged more than a 36% annual percentage rate - much lower than the triple-digit annual percentage rate many civilian cash advances carry. Because of the much lower interest rates on military cash advances and resulting loss of profit, it may be a bit more difficult to find a cash advance center that will provide a military cash advance.

Payday loan centers can make military cash advances.
Payday loan centers can make military cash advances.

To get a military cash advance, contact local cash advance centers, also known as payday loan lenders, and ask if they provide services to military members. Fewer lenders provide military cash advances then do civilian cash advances, but many still do. Once a cash advance center that loans to military members is found, go there with your military identification and a personal check.

Civilian cash advance applicants often need to bringing income and bank information, but for military members, no proof of income is needed. The same Service Members Anti-Predatory Lending Protection Act that caps annual percentage rates at 36% also will not allow a member of the military to enter into another cash advance immediately after the first one is paid off. This is referred to as a rollover, and protects military members from being caught in a vicious financial cycle of borrowing more than they can repay. When getting a military cash advance, therefore, it is extremely important to decide exactly how much to borrow and if it can easily be repaid by the next paycheck period.

Once a loan amount is decided on, you'll fill out a personal information sheet at the cash advance center. This includes basic information like name, address, and phone numbers. After the cash advance center has all the personal information it needs, a cash advance small loan agreement can be set up. It will include a loan due date of generally two weeks to one month, the loan amount, the fee, and a disclosure stating that the cash advance center is holding the check and is allowed to cash it on the due date, and that the applicant can be charged for non-sufficient funds. Carefully read all of the fine print before signing.

After the agreement is signed, write a personal check to the cash advance center in the entire amount of the loan and fee. They will hand over the cash and hold the check as collateral, cashing it on the due date. Although a fast and easy procedure, military cash advances are intended for short-term financial solutions and should only be used in emergencies. Any longer term financial problems need to be taken care of in a different manner.

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