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If you have no choice but to get a loan then I recommend that you stay away from those payday advance
places as they are usually more expensive than getting an unsecured loan. I have used Pioneer Military
Loans in the past and that has worked out for me if you do get a loan with pioneer then I suggest that you
not get all of that extra insurance because frankly you won’t need it as you will receive your military pay on
time even if you get sick and can’t work, paying the insurance will add a lot of money in the long run so
DON’T DO IT. Make a plan to repay the loan as quickly as possible so that you are not overwhelmed by the
interest rates.
There are some companies that have found a way to get passed the law that prevents loan places from over
charging the military. Those companies will give any active duty member a loan with a decent interest rate
but will charge you an application fee of up to $3000 depending on the size of your loan. Here is an example
of a loan that you don’t want to get:
Soldier borrows $3000
Interest at %12 APR
Application Fee $1500
Please stay away from these loan sharks and use your Chain of Command to try and get an interest free
loan from AER first. If you do not qualify for the AER loan then remember to go with an established military
lender like Pioneer or your bank.