Everywhere you go, and every time you turn on your computer or television, or open your mailbox, you are bombarded with advertisements for payday loans. These ads offer quick and easy approval, low interest rates, and some even advertise "free" or "half-price" payday loans.

Unethical lenders may specifically target the military because they realize that your income is fairly stable, and that you are unlikely to be laid off as so many civilians often are. The Federal Trade Commission provides information so that you can understand what a "payday loan" really is.

Most payday loan or cash advance companies charge you a "loan initiation and processing" fee, along with outrageous finance charges, all for the benefit of giving you an advance on your paycheck. And when payday comes, and you realize that you can't afford to pay the loan back out of this paycheck, they offer you the opportunity to "roll over" your loan for another two weeks, resulting in more fees and finance charges. As the cycle goes on, that $150 advance you received several paydays ago could end up costing you as much as $200 or more.

Being well informed and reading all the very tiny print on loan applications will probably make you wary of "fast cash" loan companies.

If You Need a Loan
There are plenty of ethical loan companies, credit unions, or banking institutions that offer fair and reasonable interest rates on loans. Check with your banking institution or the military credit union on base. If your interest rates are low, another option you may want to check into is whether to use your credit card for cash advances.

Living Within Your Means
The best way to avoid the pitfalls of the advance cash cycle is to understand your leave and earnings statement (LES) and create a family budget. A family budget can help you plan for monthly expenses and set money aside for emergencies.

Should you experience a financial emergency or just feel overwhelmed by your debt-to-income ratio, contact the Navy-Marine Corps Relief Society (NMCRS) for assistance. They can help you to set up a budget, and, in the event of a bona fide financial emergency, offer interest-free loans or grants.

Although credit cards can be lifesavers when it comes to emergency expenses, you can build up massive debts before you realize it. By keeping credit card charges to a minimum, you can better control your monthly expenses and budget.

Cash advances or payday loans will not solve any financial problems that you might have. Understanding your LES, creating a family budget, and being responsible with your spending will all help you to live within your means.