Archives - December 2005 (Current month)  Loans strap G.I.s December 29, 2005 "More than 100,000 U.S. troops have been saddled with long-term debt in return for short-term cash from "payday loan" stores charging interest rates that would make the mob blush. And the loan industry's powerful lobbyists, both Democratic and Republican, are fighting hard to keep the interest windfalls, which in at least one case topped 500%, the Daily News has learned."  Navy needs allies on payday predators December 19, 2005 "If the region's lawmakers truly care about BRAC-proofing Hampton Roads, they'll look not just at air strips, noise zones and carrier piers, but at payday lending. Virginia, of all states, ought to clamp down on the predatory lending practices that snare young enlisted personnel and their families into escalating cycles of debt."  South Dakota a haven for fast credit December 11, 2005 "South Dakota has the highest number of banks per capita in the U.S., and ranked second in payday lenders per capita out of 20 states surveyed, according to a recent study by Christopher Peterson titled, "Predatory Lending and the Military: The Law and Geography of Payday Loans in Military Towns." The state also boasts a lively casino industry and has a military base, both of which could contribute to the high number of short-term lenders. Pennington County, home to Ellsworth Air Force Base, has almost twice as many short-term loan centers as banks, according to Peterson's study. Besides favorable laws, Ellsworth Air Force Base makes the state an attractive place to locate. "We found that Pennington has the highest composite number of payday lenders relative to banks and population," he said."  Illinois Cracks Down on Payday Lenders December 6, 2005 "New State of Illinois rules aimed at cracking down on payday lenders go into effect today. Under the new rules, the cost of a payday loan will be capped at $15.50 for every $100 borrowed - down from $40 or more in the past. Customers would face a seven-day waiting period between taking out such loans." - Limits on payday loans, interest rates take effect

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.)

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 servicemembers 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 and 10 Reasons Why You Should Choose Pioneer Loans.

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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