December 2006  Payday Lenders Feel the Squeeze December 28, 2006 "Darrell Wells said the average payday lending shop in Washington makes 415 loans a month, grossing about $20,000 in fees. After paying employees, taxes, overhead and benefits, he said, the store nets about $2,000 a month. "The average person in this business is not making a ton of money," he said. "If I could offer this product at a lower price, I'd already be doing it. It would be a huge competitive advantage." The proposed cap, he said, would reduce the interest to about 10 cents a day on a $100 loan. That's too little, he said, to keep the business alive. Dennis Bassford, president of 55-store Money Tree, Inc., closed his one Oregon shop because of the 36 percent cap."  If Only Understood - Payday Loans December 20, 2006 "Recent outcry for a ban on payday lenders made me wonder how many of those pointing fingers ever tried to open one of the doors they want to kick down. Have they listened to a customer describe what is on the other side? Payday lenders live behind our eyes and just outside our understanding. The tasteful accusation at fancy dinner parties is that they prey on the low income worker, trapping him into unsavory interest rates. The hosts need to ask the caterer or nanny used that same evening, for their opinions."  Montana: Bill would set limits on payday, title loans December 15, 2006 "House Bill 29 would cap the annual percentage rate on payday and title loans at 36 percent and ensure that consumers only have one loan out at a time. The bill also would set up repayment plans and would cap loan amounts at 25 percent of the borrower's net income or $300, whichever is less."  Payday Mayday: The law should treat adults as adults December 13, 2006 "Beginning Oct. 1, 2007, no U.S. lender may charge more than 36-percent interest to a military person on active duty, or his family - a measure Congress aimed principally at protecting soldiers from payday loans. Several states have effectively banned such loans; in Oregon, a 36-percent cap goes into effect July 1. A group led by the Service Employees International Union is pushing for a similar cap in this state. Rep. Sherry Appleton, D-Poulsbo, has introduced such a bill. "We're not asking for a ban," Appleton told a Senate hearing in Olympia Dec. 1, but a ban is what it amounts to. Current Washington law sets a ceiling of $15 in interest and fees per $100 loan amount, up to a loan of $500. If you want $100 for two weeks, you write a check for $115 and postdate it. For your C-note, you are paying $1.07 per day, which sounds reasonable enough. It is, however, an annual rate of 391 percent."  Lawmakers urge payday loan alternatives December 5, 2006 "For example, Armed Forces Bank, which provides on-base banking services for 34 military communities in 17 states, offers a lending program that is an alternative to payday loans. The loan amounts generally are limited to one month's pay, said Don Giles, president. Troops can take up to 24 months to repay, and the annual percentage rate is 18 percent."  Christmas card's sentiment isn't especially festive December 2, 2006 "Got my first Christmas card this week. Guess you could call it a Christmas card. I opened up a white envelope and found a card with a few sentences printed over a picture of a Christmas three branch and an ornament. This is what it said: "Season's Greetings! Need money? Come to the folks you can trust. We can ease your financial burdens with a CASH LOAN up to $2500.00."  Efforts renewed to control excessive costs of payday loans December 2, 2006 "One of the nation's top banking regulators Thursday announced new efforts to develop alternatives to payday loans and other high-cost products, citing an "astonishing" gap in the cost of credit that is penalizing disadvantaged borrowers. The comments came as a non-profit consumer group issued a report saying high fees on so-called payday loans, small loans to be repaid with their next paychecks, cost consumers $4.2 billion a year."  Report: Payday loan restrictions failing December 1, 2006 "Attempts to restrain the growth of payday lending by barring loan roll overs and imposing "cooling off" periods between loans haven't worked, consumer advocates said Thursday in a call for interest-rate caps on the high-cost loans. Despite efforts by some states to change payday-lending practices, "lenders still collect 90 percent of their revenue from borrowers who cannot pay off their loans when due," said the Center for Responsible Lending in a report on payday lending throughout the country."

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. 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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