January 2007  Georgia: Republican Lawmakers Look To Repeal Payday Lending Law January 26, 2007 "If you don't have the best credit, and you need some money, and you don't have money to fix your car, and a bank's not going to lend you money, what are you going to do?'' asked Franklin, a Republican from Marietta who co-sponsored the bill. The new proposal would create a system of "cash advances"' that are two-week loans prohibited by law from accruing interest. Instead, operators would take a service fee of $15 per every $100 borrowed. It also limits customers to borrow only 25 percent of their monthly income and bans lenders from rolling over loans from month to month."  Virginia Senate Passes Pay Day Loan Restrictions January 26, 2007 "Legislation to reform the payday loan industry passed the Senate Friday, as the House has yet to consider its own legislation dealing with the short-term, high-interest loans. The Senate passed 35-2 a bill that would limit a borrower to three payday loans at a time, require a 24-hour cooling-off period between loans and set up 60-day extended pay plans for those who take out three loans within five days."  S.C. bill would cap interest rates on payday lenders January 19, 2007 "South Carolina is joining other states this year working to cap payday lender interest rates and fees. South Carolina state Rep. Alan Clemmons introduced a bill Wednesday capping annual interest rates at 36 percent and fees at $5 for every $100 borrowed. Clemmons said he filed the legislation after a friend showed him paperwork for a woman trapped in a cycle of renewing short term loans who was worried she would lose everything she had. The fees charged, were "just incredible," he said. "Quite frankly, the way that the industry is now operating is an abuse of lending practices. The lending model is based on the person's inability to pay," Clemmons said."  Borrow $325, pay back $793 January 12, 2007 "Lenders are squeezing U.S. consumers for as much as $4.2 billion annually in the steep fees charged on payday loans, according to a study by the Center for Responsible Lending and other consumer advocacy groups. To pay back a $325 loan, the average payday-loan borrower pays a total of $793. The average annual interest rate on such loans runs about 400%, according to the study."  State fines payday loan companies $1.2 million January 5, 2007 "The case highlights longstanding concern over paycheck lending nationwide, especially around military bases. Pentagon officials have supported congressional efforts to limit the interest on payday loans to troops at 36 percent nationwide, and a number of states have moved to rein in the short-term, high interest loan businesses. A Defense Department report in August estimated that 225,000 service members, 17 percent of the military, use payday loans. The Center for Responsible Lending, a nonprofit group seeking stricter controls, says that one in five service members took out such a loan in 2004 and that someone who borrows $325 pays an average of $800 in charges."  Troops get a hand with financing January 1, 2007 "A local credit-counseling agency is helping soldiers deployed to Iraq keep their New Year's resolutions to improve their finances. Consumer Credit Counseling Service of the Black Hills is partnering with a U.S. Army captain who saw a need among troops serving in Iraq for better financial education, wiser use of credit at home and improved budgeting skills. The agency, with financial assistance from the South Dakota League of Credit Unions, supplied a free financial-literacy program for the first 30 troops to take the course in Iraq, according to Bonnie Spain, chief executive of the counseling service. Eventually, Capt. Juliane Douglas hopes to make it available to all of the soldiers in her 500-member unit."

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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