August 2006  Military seeks defenses for payday loans August 24, 2006 "Mark Thompson of the California Financial Service Providers said the industry is working with the armed forces to resolve some of the issues, but it is adamantly opposed to a proposed 36 percent cap because that revenue wouldn't cover losses when military personnel don't repay loans. "The fees are supported by the risks we take," Thompson said. Gov. Arnold Schwarzenegger has not taken a position on the bill, but spokesman Bill Maile said "the governor strongly supports efforts to increase protections for military personnel against predatory lenders."  Group concerned over military payday loans August 23, 2006 "One study says that military personnel are three times more likely to take out payday loans than other consumers, which has a local grassroots group again taking on the industry. Sunflower Community Action is inviting the public to a meeting next week to discuss payday and car title lending, particularly to military personnel. Payday loans allow a consumer to get cash for a personal check that the lender agrees to hold until the customer's next payday, usually in two weeks. Car title loans let a consumer get cash and use the title as collateral. Sunflower has been targeting payday and car title lending as a key issue affecting people of all economic backgrounds."  Military Takes on Predatory Lending August 16, 2006 "In June, the U.S. Senate approved a federal cap of 36 percent on loans to military borrowers. The proposal is pending in a House-Senate conference committee. The report notes that Oregon's new 36 percent cap on payday loans does not take effect for another year, yet payday lenders are already switching to a different consumer lending license that allows them to skirt the interest cap. Our Oregon, a nonprofit group in Portland, says Oregon should follow the military's lead. "They came to a very clear conclusion that the only response is a comprehensive, strict cap on all consumer loans as the answer," said Angela Martin, director of the group's economic fairness coalition."  Defense Department Study Says Predatory Lenders Hurt America's Armed Forces August 11, 2006 "A Defense Department study sent to Congress yesterday shows that Congress must stop predatory lenders from preying on our soldiers, sailors and aviators, said President Michael Calhoun of the nonprofit Center for Responsible Lending. The Pentagon report says payday lenders should charge no more than 36 percent annual percentage rates on their loans to service members, the same cap many states impose in their usury laws in order to ban loansharking. The report said these lenders damage morale and hurt our military preparedness."  'Payday' Loans Become Target in Washington August 3, 2006 "Citing "predatory" lending practices, Sen. Jim Talent, R-Mo., has guided a bill through the Senate that would cap the annual percentage rate of loans to military personnel at 36 percent. The payday industry vehemently opposes the legislation, saying it would deny military personnel an option for paying short-term bills or covering bank checks. A typical case may involve a soldier, needing cash to fix a washing machine or pay a bill, who goes to a payday store and agrees to pay $230 when he gets his next paycheck of $200, in exchange for an advance on it. Later, unable to make the payment, he rolls it over for another couple of weeks, as interest accumulates."

Pending Legislation Concerning Military Loans H.R. 97: To establish requirements with respect to the terms of consumer credit extended by a creditor to a servicemember or the dependent of a servicemember, and for other purposes. S. 1042: An original bill to authorize appropriations for fiscal year 2006 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe personnel strengths for such fiscal year for the Armed Forces, and for other purposes. (Amendment to this bill, sponsored by Sen. Elizabeth Dole, North Carolina Republican, would limit interest rates to 36 percent on loans offered to military personnel.) Also see: Pioneer Loans in the News

Information about Military Loans for U.S. Military Personnel

Military loans can be a blessing, or a curse, for U.S. Military personnel in need of quick money for emergencies, travel, etc. Here at MilitarySpot we know many military people who have benefited from the assistance of military loans, but we also know more than a few who have been ripped off. Unfortunately, there are many lenders out there who are charging military personnel exorbitant interest and fees for loans. Many of these lenders are located just outside military bases, and some prey on military service members on the Internet. As "former military" ourselves, we want to be fair about what we recommend to military people on the issue of military loans. First, we suggest that you visit your military base assistance office (the office that helps military families, spouses, etc.). A no-interest or low-interest loan may be available. Second, we suggest that you check out Pioneer Military Loans. We recommend Pioneer Military Loans when loans are not available to you through your base or other military support organization. Pioneer charges fair rates and has good standing within the military community. Above, for your reference, is a news log of articles concerning loans for military people. Also see: Pioneer Help Loan. More Military Loan Information...

PIONEER MILITARY LENDING - PERSONAL LOANS UP TO $10,000 MilitarySpot.com recommends Pioneer Military Loans for your personal loan needs. Pioneer Military Lending is committed to serving the active-duty and career-retired men and women of our armed forces. Our secure and private online loan service is designed to provide you with the convenience and accessibility you need. We offer competitive interest rates and loan products for all ranks, and our online application is available 24 hours a day, seven days a week. All of our loan products are backed by our Four-Star Guarantee. If you're not 100% completely satisfied with your service, you can cancel your loan within 15 days at NO cost to you. Click Here

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