Payday Loans for Military Personnel and their dependents are protected under a Federal Law and the Department of Defense.  Any payday loan offered after Oct. 1, 2009 offer certain protections mainly focused on the annual percentage rate (APR) which can no longer exceed 36% and this rate must also include most fees and charges with very few exceptions.  Unlike payday loans for most people, military loans may not include use of a check or access to a bank account in order to get that military loan.  Military personnel most also be given disclosure about that loans and about their rights and any military loan that violates these rights are immediate voided.  Almost all payday loan companies that offer military loans ask loan applicants to sign a statement about the military affiliation.

Regardless of the protections offered to military personnel, payday loans can be expensive especially if you are late on payments and need to extend your loan.  Military personnel seeking military loans have other opportunities for financial assistance and counseling that many civilians do not have.  Aid is available from various agencies and organizations such as the Navy and Marine Corps Relief Society, Coast Guard Mutual Aid, Army Emergency Relief or the Marine Corps Relief Society.  As with anyone in some degree of financial distress, much of the best assistance can be had by family members and friends or even your employer if you have a willing boss.  While there are special protections in place for military loans, those protections do not limit military personnel from seeking assistance from banks and credit unions

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Military personnel can request free legal advice about their loan applications from the legal assistance offices for the respective branch of the service.  Financial counseling is always advised for people who are in any form of financial distress.  Before getting a payday loan, military personnel are urged to contact the Department of Defense at 800-342-9647.