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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. More Pioneer 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. Their secure and private online loan service is designed to provide you with the convenience and accessibility you need. They offer competitive interest rates and loan products for all ranks, and their online application is available 24 hours a day, seven days a week. All of their loan products are backed by Pioneer's Four-Star Guarantee. If you're not 100% completely satisfied with their service, you can cancel your loan within 15 days at NO cost to you. Click Here

News Archives - February 2007

Payday Lenders Offer Long-Term Repayment
February 23, 2007
"The Community Financial Services Association of America, which represents 164 payday lending firms and 12,000 stores, hopes the repayment option along with a $10 million education campaign will help mollify its critics. Ranging from consumer groups to federal and state lawmakers, they accuse payday lenders of trapping financially strapped consumers in an endless cycle of debt."

Payday Loans Need Better Regulation in Washington
February 15, 2007
"Often those who seek short-term, high-interest payday loans are desperate. Why else would they agree to pay 300 percent interest? We, as a society, have an obligation to protect the most vulnerable among us from this legal loan sharking. The federal government has taken action to protect those in the U.S. military and their families. A new federal law, which takes effect in October, caps annual interest rates and fees at 36 percent."

Olympia looks at payday lending, again
February 13, 2007
"We are only asking the Legislature to extend the protections for military families to all working families," said Karen Deal, political director for the United Food and Commercial Workers Local 21, a coalition of 30,000 retail, health care and laundry service workers. Rep. Sherry Appleton, D-Poulsbo, has introduced two bills that she says will better protect the public. Currently, lenders provide short-term loans, typically around $500. Although most people pay about $64 for one such loan, Appleton said, others have paid up to $300, or about 60 percent, in interest."

Payday Lending and the Military (Part 2)
February 05, 2007
"After a push by the Pentagon and consumer groups, Congress passed legislation capping the annual interest rate lenders could charge members of the military at 36 percent. Since the law passed, two major banking trade groups, the American Bankers Association and Independent Community Bankers of America, have gone to the Pentagon to ask to be exempted from it, saying it would hamper them from offering alternatives to payday loans."

Virginia: House committee votes to reform, not repeal, payday loan industry
February 01, 2007
"If 36 percent is good enough for our military, isn't it good enough for our teachers, our police officers, our firefighters, our nurses and everyone else?" O'Beirne asked legislators. Payday loans work by allowing a borrower to write a check up to $500, plus a fee for $15 for every $100 borrowed. The company holds the check until the customer's next payday, when he or she either pays off the loan or the lender cashes the check."

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