by. Kimberly Lankford
Where can members of the military get emergency loans other than through payday lenders? Wasn’t the law supposed to stop payday lending to members of the military?
Several sources of low-interest (or no-interest) loans are available to members of the military to help them pay emergency expenses. These are alternatives to the high-cost payday lenders that have traditionally targeted military personnel.
Members of the military can take out small interest-free loans for emergencies through the emergency-relief fund for their branch of the military. Contact the community service office at your base for details, or visit Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society or Coast Guard Mutual Assistance.
Loans are usually limited to about $1,000 and are approved on a case-by-case basis. You generally must provide information about the bills you have trouble paying or other documents showing the urgency of your need. Loans are typically made to help with essential home repairs, car repairs, security deposits when moving, disaster relief, food, rent, mortgage payments, medical costs or funeral expenses. Before receiving a loan, you usually meet with a caseworker, who can also work with you to establish a budget and help stabilize your finances.
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