Whether it's for car repairs, travel, or other unexpected bills, when consumers need immediate money their options are often limited. For service members, it can be even more so due to time constraints, lower-than-average pay scales, and a mobile lifestyle caused by deployments, training, and frequent moves.

These conditions have traditionally meant that Soldiers, Sailors, Airmen and Marines have to borrow money. Since many times it is hard for them to obtain traditional financing, many military families use a credit card, borrow from family members, or obtain a payday loan.

Credit cards, while convenient, can often take years to pay off if the consumer only makes the minimum payment. Borrowing from family members can cause undue stress at home. Payday loans offer short-term money, but the result can often lead to rollovers or the beginning of a long-term debt cycle.

Payday loans, which charge from $15 to $30 per $100 loaned, have a few major flaws, as noted in several studies by the Center for Responsible Lending (CRL).

• When factored as an annual percentage rate (APR), the fees are 390% or more. Based on briefs by CRL, the average payday borrower pays $800 to borrow $325.

• A payday loan can be "rolled over" or "flipped" if it cannot be repaid, increasing the effective APR and starting a financially dangerous cycle of debt.

• Most payday loans do not take into account the customers' ability to repay the loan.

• The short duration of the loan, usually two weeks, does not allow the consumer enough time to save the money to pay off the loan.

• Many payday lenders concentrate outside of military bases in numbers much higher than in civilian areas.

According to one CRL study, active-duty military personnel are three times more likely than civilians to use a payday lender, and one in five used the service last year. The study also notes that this costs military families more than $80 million a year in fees.
While several states are looking to control the rates and amounts loaned by payday lenders, there is a push for federal legislation to control loans made specifically to service members. Known as the Service members Anti-Predatory Lending Protection Act, the bill (currently still in committee for review) would cap the annual percentage rate on loans for service members at 36 percent and prohibit automatic rollovers.

In response to the proliferation of payday loan products, several agencies, finance companies and banks have developed responsible lending alternatives for immediate cash needs:

• There are emergency relief funds offered by on-installation agencies that provide interest free loans with approval from a commanding officer.

• The Pentagon Federal Credit Union offers short-term cash advances for a small fee and an agreement that the service member will get credit counseling.

• Pioneer Services, a financial solutions provider that works exclusively with the military community, offers a referral for a $500 Help Loan that features repayment in four equal installments and a total cost of $25.

• The Navy Federal Credit Union offers a line of credit that requires a monthly minimum payment.

In addition to offering a more responsible solution, companies are beginning to focus on financial education. Many financial institutions realize that education is the proactive solution to keeping military families out of harmful debt. The Department of Defense is also looking at increasing financial education efforts for those who serve.

The purpose of financial education is to make sure service members know exactly what they are getting themselves into with any type of financial transaction. Having an understanding of basic financial concepts, when coupled with responsible financial alternatives, can not only provide military families with financial security, but also provide all of us with a military that’s able to focus on the job at hand, rather than problems at home.

For a responsible alternative for your financial needs visit www.pioneermilitarylending.com and apply today. Installment Loans from $500 to $10,000 are available to military personnel.

We searched for companies who met the following criteria:

• Not A Military Payday Loan Company
• Personal Loans at Competitive, Reasonable Interest Rates
• Flexible and Affordable Loan Payback Terms
• Stable Company With Excellent Reputation
• Fast Loan Decisions (within 24hrs)
• Loan Rescission Period (ability to cancel loan if you change your mind)

Based on our research one company stood out from the crowd ...Pioneer Military Lending. They have been serving the military exclusively for almost 2 decades and met all of our criteria. Their personal loans are available to active duty military, 20-year military retirees, and DOD employees. You can borrow $500 - $10,000 and loan proceeds can be used for any purpose including debt consolidation, computer financing, emergencies and auto financing, If you are in need of a personal loan we highly recommend that you apply with Pioneer Military Lending.

Why Pioneer Military Lending?

Pioneer offer loans at interest rates lower than most credit cards and competitive with banks and credit unions. You get quick service and, if approved, borrow from $500 - $10,000. Pioneer understands your financial situation because they have years of experience serving military service members and Department of Defense employees.

If you need financing to consolidate high-interest debt or just to make life more enjoyable. We recommend you get the money you need from a reputable company like Pioneer Military Lending. Pioneer can get you the money fast, without all of the fees and high costs associated with many other lenders.

• Pioneer has products for all ranks and branches plus DOD employees. No matter where you serve, they can help you.
• Pioneer can get you the money you need fast, and the funds can be deposited directly into your bank account. This makes the process quick, easy and helps you to avoid hassles.
• Pioneer helps you avoid the trap of military payday loan companies. Don't pay the outrageous fees and charges that military payday loan companies are known for - you deserve better.
• For nearly two decades they have been providing military service members with solutions that are fair, secure and geared towards helping you get the money you need without excessive charges.
• Pioneer works exclusively with the military community, so they understand your unique financial situation.

Click Here to Apply for a loan with Pioneer Military Lending