July 2006  Veterans and Consumer Groups Urge Congress to Join Senators Talent and Nelson in Protecting Military Families From Predatory Lenders July 27, 2006 "More than 70 consumer and veterans groups are calling on Congress to enact an amendment by Sen. Jim Talent (R- Missouri) and Sen. Bill Nelson (D-Florida) to protect military families from payday lenders, who trap borrowers in a vicious cycle of debt at interest rates of more than 400 percent a year. This predatory business doesn't just ravage service members and their families. It means our military is less prepared. And it potentially dangerously distracts soldiers, sailors and aviators from their mission."  Tale of Alabama Man's Payday Lending Schemes July 20, 2006 "Research finds that active-duty military are three times more likely than civilians to take out a payday loan, and one in five, or 20 percent, of military were payday borrowers last year. "They make ideal customers for these type of operators," McGill says. "Often, military personnel are living paycheck to paycheck; they're young and may be away from home for the first time; they have a steady, verifiable paycheck; they're unsophisticated; and they want to buy stuff to impress their friends. The trap is sprung."  Senate Limits Financial Sales to Military July 20, 2006 "The Senate measure would not eliminate military demand for payday loans, said Dennis Bassford, chief executive of Moneytree in Seattle, and a board member of the Community Financial Services Association, an industry group. It would simply drive that demand to Internet lenders, "where the price will be double and there's no way to effectively regulate it."  Beware of Fast Cash July 14, 2006 "The Department of Defense lists payday lending in its top ten issues of concern for military families. What was once a relatively minor issue for service members living in Okinawa has become a greater threat with the rapid increase of payday lenders using the internet. "The growing problem here on Okinawa is, although there is only one payday lender on island, many people are consulting the internet to get payday loans," said Allison Green, the director of Navy Marine Corps Relief Society, Okinawa."  Udall aims to curb payday lending across the U.S. July 14, 2006 "Payday lending stores are popping up faster than Starbucks across the country, a growth rate that alarms U.S. Rep. Tom Udall. "This is an increasing problem that targets working families, Native Americans and military personnel," Udall, a Santa Fe Democrat, said during a phone interview from Washington. He said payday lending - an industry in which many stores charge exceptionally high annual interest rates for small loans - is a national problem that should be dealt with on a federal level."  Sailors Train to Avoid Falling Prey to Predatory Lenders July 7, 2006 "The Navy took its fight against predatory lenders to the Naval Base San Diego Theater June 29 to alert a packed room of Sailors to the dangers of payday loan shops and other predatory businesses, and the damage they do to military readiness. "Predatory lending is a big business that is attacking every single one of us," said Capt. Dixon Smith, commanding officer of NBSD. The Navy is making it a priority to educate Sailors on the hazards of turning to payday loan shops to fix financial problems. Vice Chief of Naval Operations Adm. William J. Fallon said in a message to Navy leadership that "Navy-Marine Corps Relief Society provided about $990,000 in grants/loans to Sailors and Marines in 2005, a 48 percent increase over previous years." He said "predatory lending is no longer limited to loan sharks outside the gates of our installation, but has spread to the internet and even some legitimate banking institutions."

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.) Also see: Pioneer Loans in the News

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. Also see: Pioneer Help Loan. 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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