Archives - February 2006  Washington State: Payday lending challenge fizzles February 25, 2006 "This year's legislative hearings again pitted the payday industry against an organization not accustomed to defeat: the U.S. Navy. The Department of Defense has made restricting the loans a top priority, and Rear Adm. William French, the Navy's Northwest commander, testified that payday lenders deliberately ensnare sailors in debt, hindering combat readiness."  Virginia: Payday-loan bill killed by sponsor February 19, 2006 "A bill that would have reined in payday lenders in Virginia died Monday night in an unusual way: suicide. Del. G. Glenn Oder, R-Newport News, killed his own bill, rather than risk its being toughened by a proposed amendment on the House of Delegates floor."  House OKs package of bills for veterans February 8, 2006 "Some Republicans also voiced concerns about House Bill 2881, which would bar payday lenders from threatening to approach a service member's chain of command in order to collect on a delinquent loan. "This problem is far more widespread than payday lending or any lending institution," said Rep. Dan Roach, R-Bonney Lake. "Military people get into debt in a number of ways - payday lending, credit cards or equity in their home." And in case a veteran needs money, House Bill 2754 establishes the Veterans Innovations Program. The bill allows for veterans to receive up to a $500 loan from the government to use toward anything."  Let the 'sun set' on payday lenders in state February 7, 2006 "Christopher Lewis Peterson, a law professor from the University of Florida, and Steven M. Graves, a geographer and mapping expert from California State University-Northridge, said payday lenders are targeting people in the military, and that can have serious consequences for Tucson." There is irrefutable geographic evidence demonstrating payday lenders are actively and aggressively targeting U.S. military personnel," the researchers wrote."  Toll taken by payday loans gets attention from military February 2, 2006 "A decade after Washington legalized short-term, high-interest "payday lending," as an alternative to illegal loan sharking, the payday lending industry has mushroomed. In 2004, according to Washington’s Department of Financial Institutions, more than 3 million payday loans were made in the state – an 80 percent increase since 2000. The average loan was $375; the average fee on that loan was $50."  US Troops Screwed By Loan Shark Companies February 1, 2006 "More than 100,000 US 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. "The troops get roped into it and they can't get out; it becomes a spiral," said Joyce Raezer of the National Military Families Association."

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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