Funding A PCS

0:00Funding a PCS when you're strapped for cash. This is a money minute from in-charge education foundation and militarymoney.com. Here are three ways to minimize the financial impact of a PCS. Take advance pay. Concurrent to a PCS, the military authorizes advance pay of up to three months of basic pay, less deductions. Essentially, this would be an interest-free loan that would be paid back through payroll deduction over the next 12 months. Barrow from the bank. You may be able to get an unsecured signature loan from your bank or credit union. Typically, these loans carry a relatively high interest rate, but your use of funds is unrestricted. Barrow from the TSP. This option should only be used as a last resort. However, if you must, a TSP participant could borrow as little as 1000 and up to 50% of the value of the account or $50,000, whichever is less. The repayment period is between one to five years, and if the loan was to buy a home, the term could be extended up to 15 years. This money minute is made possible by in-charge debt solutions. Visit us online at www.inscharge.org