Can I Get a Payday Loan as a Veteran?

Author · Modified on 30 November, 2023

Yes, you can get a payday loan with Dime Alley as an army veteran. Dime Alley has specific loans for army veterans which can help to provide you with a bit of comfort knowing that you’re covered until your next payday, or for any unexpected medical or car repair bill.

Studies by the Pew Research Center found that more than 30% of military veterans struggle to pay their bills and we want to try and help you to relieve some of this stress.

 

loan in the military

 

Can I Apply for a Veteran Loan with Bad Credit?

 

Yes – you can apply for a veteran loan or an army loan with Dime Alley even without perfect or even good credit.

Our trusted lenders provide loans to borrowers with all kinds of financial records. They aim to provide you with the best available rates to you and help you where they can.

We know that it can be stressful securing a loan when your credit history is imperfect, which is why we consider all applications. We try to make stressful times that bit less daunting.

In fact, if you get a loan and pay it off according to the terms of your agreement, your credit history could be improved.

 

Can I Get a Payday Loan in the Military?

 

The short answer is yes, you can get a payday loan whilst you are in the military. Men and women who take part in active military service, which can include the Army, Navy or Marine Corps, can get payday loans, personal loans and other financial products.

In order to protect our servicemen and servicewomen, the federal government have put in place the Military Lending Act (MLA). This serves to protect active members of the United States military by capping many financial products, such as payday loans, at an interest rate of 36%.

The cap of 36% is also imposed by the local governments of Colorado, Nebraska and Illinois.

 

How Much Does a Military Loan Cost?

 

As mentioned, the cap on payday loan interest rates for members of the US army, navy, marine corps or other military personnel is set at 36%.

The table below shows the cost of a military loan of $500 at this fixed rate of interest.

Length of Loan Interest and Fees Total
1 month $15.29 $515.29
3 months $45.37 $545.37
6 months $90.74 $590.74
12 months $180.00 $680.00

 

Should I Get a Military Payday Loan?

 

Before applying for a payday loan as a member of the military or as an army vet, there are some important things to bear in mind.

You should consider what you need the loan for, how much you will need and how long you will need it for. You must also think about how you are going to pay the loan back on-time and in full when your repayments are due.

Payday loans are a good short-term solution if you are in desperate need of extra cash to tide you over to your next payday, or if you are hit with an emergency bill, such as an unexpected car repair, medical bill or dentist or veterinary bill.

Dime Alley offers a free application service which will take just 5 minutes to complete online and we do not charge any hidden fees to you as the borrower.

Thank you for your service!

Scroll to Top