Archives - January 2006 (Current month)  Payday-loan repeal sought in Virginia January 25, 2006 "The General Assembly in 2002 passed the law allowing such businesses. It set an interest-rate ceiling of $15 per $100 borrowed, a maximum of $500 borrowed, and a minimum length of seven days. Until then, there were few payday lenders in Virginia, and those that existed were able to because they found a way to fall outside state purview. Since the law was enacted, the number of payday-lending businesses in Virginia has exploded. According to state regulators, 88 payday lenders operate 748 offices."  Payday rumble: Olympia revisits fight over loans January 23, 2006 "In what could be one of most significant legislative battles of 2006, a loose coalition including consumer groups, the military and some state legislators is launching another attempt to restrict Washington's payday-loan industry. Opponents of the high-interest loans say they lure vulnerable borrowers into a cycle of debt, and the issue was a hot topic during the last session, when legislators considered 14 payday-loan related bills. But only one measure passed, and critics characterized that law, which gives protections to military personnel, as ineffective."  Letter: Payday advances often a consumer's best option January 18, 2006 "The reality is that a payday advance can be the best option for consumers, military or civilian, who have a short-term financial need. A payday advance compares favorably to many alternatives, when expressed as an annual percentage rate, or APR, for two-week terms: $100 payday advance with $15 fee equals 391 percent APR; $100 bounced check with $48 insufficient funds/merchant fees equals 1,251 percent APR; $100 credit card balance with $26 late fee equals 678 percent APR; $100 utility bill with $50 late/reconnect fees equals 1,304 percent APR."  Military attacks vulturous tactics of payday lenders January 18, 2006 "Kenneth W. Welborn had started a family, had bills coming due and needed money. So in 2002 the Navy seaman recruit went to a "payday" store and took out a $500 short-term loan. He paid it off on time. But more bills came in. So he went to another store and took out another loan. And another. And another."  Opinion: Time to fight lenders who prey on our GIs January 15, 2006 "I asked the Defense Department about the importance to the military of predatory lenders. Spokesman Maj. Michael Shavers told me in an e-mail, "Predatory lending is one of our key issues." He said the department is working actively to limit the lenders' effects."  Payday loans expensive but essential January 08, 2006 "HAWAII: Among the changes proposed in a Senate bill being drafted by state Sen. Gary L. Hooser, D-Kauai-Niihau, is cutting the maximum loan amount from $600 to $300. Another change would require payday lenders to post all the fees they charge for loans, including their annual percentage rate. Payday lenders would also be required to register with the state Department of Commerce and Consumer Affairs. For the industry, the most troubling change would cap the annual percentage rate on a 14-day loan at 36 percent. That compares with the 459 percent paid by borrowers stuck in a cycle of repaying and reborrowing, the state audit found."  Fiscal Carnage January 07, 2006 "Clustered in poor neighborhoods and around military bases - there are 68 in Hampton and Newport News alone - these lenders exploit the inability of some people, at some times, to make it to payday, because they lack financial reserves and resources. They can borrow small amounts - at astronomical interest rates. State law caps the fee at $15 per $100, but when the $100 is borrowed for only a couple of weeks, that's an annual rate of 391 percent. All too often, when time comes to pay off the loan, the borrower hasn't resolved the issue that led to the need for it in the first place, and so obtains a second and a third, and on and on, trapped in a cycle of debt."

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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