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What types of loans are covered under the Military Lending Act?
This article aims to provide you with all necessary information about different loans that are covered under the Military Lending Act. If you are a Military member you will find this information useful for you. It concerns not only those who are Military members currently but also their families if one of the members is going to apply for the loan being dependent on the income of their dad or husband who is a Military member, for example.
What are the loans for Military members?
Loans that have been covered under the Military Lending Act include:
- certain payday loans,
- vehicle title loans,
- tax refund anticipation loans (RALs).
What is the difference between the loans under the Military Lending Act?
The rules that must be followed while borrowing certain payday loans are:
- Certain payday loans have a set point in time when the payday loan must be repaid. In other words it is called a closed-end credit;
- Payday loan must be repaid in 91 days or less;
- Payday loan mustn’t be more than $2,000;
- Payday loan requires you to provide a check and debit authorization.
What are the vehicle title loans?
This kind of a loan is characterized by the following options:
- A set point in time when the loan must be paid back,
- The repayment term can be not more than 181 days,
- Your lender has the right to repossess your vehicle in case you don’t repay your loan.
How to define Tax Refund Anticipation Loans (RALs)?
- This kind of loans also can be characterized as those that have a set time of repayment, that’s why they are also well-known as closed-end credit;
- This type of loans uses your income tax refund to pay the loan back.
Which loan will be better if you are a service member?
All service members can have the possibility to enter into any of the mentioned types of loans having the rights under the Military Lending Act with the limit on your interest rate charged by your lender. There are several types to choose from but our payday loans have a lot of benefits for those who need extra money immediately.
Apply for our payday loans online now and enjoy all opportunities we can offer you or the members of your family who rely on your steady monthly income.
How to apply for our payday loans online?
The only thing you should have is any device with the Internet access. Visit our official website and fill out an easy application form where you need to provide us with your contact information (your current cell number and e-mail) which is necessary to keep in touch with you and to inform you about our approval to get our payday loan online. You should also fill out all required personal information like your passport details and your Security number which are needed for your identification. The whole process of getting our payday loans is online. You don’t need to go anywhere. You can apply for our payday loan, get your money and then repay your loan distantly which is very convenient and can save your time.
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- What types of loans are covered under the Military Lending Act?
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