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Military Small-Dollar Loan Template

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The document outlines a template for an affordable small-dollar loan program aimed at military personnel, developed during an FDIC conference. It emphasizes the need for responsible lending alternatives to high-cost payday loans, detailing key features such as loan amounts up to $1,000, a 12-month amortization period, interest rates between 12-18%, and mandatory savings components. The document also highlights underwriting considerations, ease of application processes, and the importance of financial education to help military customers build assets and reduce reliance on emergency credit.

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What qualifies as a small dollar loan?

A small dollar loan is a good choice if: You need to borrow $2,500 or less. You have a checking account with regular deposits and no recent overdraft charges. You can afford to repay the loan in three to four months. You cant qualify for a regular personal loan because of bad credit.

What is considered a small dollar loan?

Small dollar loans typically range from $50 to $2,500. The maximum loan amount will vary depending on the institution you borrow from, but it cant exceed the federal limit of $2,500.

What is the small dollar rule?

The small-dollar rule will apply to retail installment transactions that meet the definition of a covered loan. After two consecutive failed payment attempts, the lender is required to get new authorization from the borrower.

What qualifies as a small loan?

A small loan is a form of personal loan that has a relatively low initial balance, usually less than $10,000. If you need to cover an unexpected expense, finance a purchase, or refinance a few thousand dollars of credit card debt, a small loan could be right for you.

What loan type is typically a small dollar debt?

Payday loans can be expensive and burdensome. an established, more traditional but often lesser known option is an installment loan, which is a small-dollar loan, usually for $500 - $5,000, repaid on a schedule of identical amounts each month.

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Why cant the military get payday loans?

The 36% cap may preclude service members from qualifying for most payday loans since typical two-week payday loans can have APRs of almost 400%. Creditors who extend those loan terms to borrowers protected under the Military Lending Act, can be subject to penalties.

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What qualifies as a small dollar loan?

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What loan type is typically a small dollar debt?

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Why cant the military get payday loans?

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