Lenders Target Military Personnel
June 26, 2006
"Nowadays, a soldier
doesn't even need to leave the base in order to get a loan. On
the internet, there are literally scores of websites offering
military payday loans. In their defense, advocates of the
payday lending industry say they're only offering a service.
No one has to take their offer. And their business is legal.
But soldiers are still getting in trouble."
Protecting Troops Who Use Loan Stores Backed
June 22, 2006
"A state Senate committee endorsed
a bill to protect military personnel from predatory lenders.
Assemblyman Ted Lieu (D-Torrance), the bill's author, called
it the toughest in the nation to protect military personnel
from high interest charged by payday loan stores."
may get new life
June 16, 2006
"RALEIGH - Short-term, high-interest loans, considered
by many as a curse to low-income workers, could be revived
under a bill in the state House. The bill would authorize
loans that are now illegal in North Carolina, and many state
officials have been taken aback by broad changes in the
proposal that was introduced several days ago. "It may be the
worst bill I've seen come through since I've been here," said
Rep. Rick Glazier, a two-term Democrat from Fayetteville.
Glazier said he is particularly concerned because he believes
the loans would imitate payday loans, and many of his
constituents are Fort Bragg military families who have been
users of such loans."
Preying on Predatory Lenders
June 9, 2006
"The head of a newly-formed task force said the Navy
has a different kind of enemy in its sights. "We're going to
defeat these predators and we're asking for the help of all
the Sailors out there," said Capt. Mark Patton, commanding
officer of Naval Base Point Loma.
Patton said the "predators" are payday loan shops and similar
companies that target military members and their families.
These shops, identifiable by their big signs and attractive
offers, are sprouting up all over the region outside the gates
of Navy and Marine Corps bases."
Leaders Seek Protection for Protectors
June 2, 2006
"In a rare move, two
California military leaders pleaded with California state law
makers to help combat the "legalized loan sharks." Sgt. Maj.
Wayne Bell, Marine Corps Installations West, and Navy Capt.
Mark Patton, commanding officer, Naval Base Point Loma, San
Diego, asked the Joint Committee on Boards, Commissions and
Consumer Protection, to clamp down on high interest lenders
and the practice of payday loans during a hearing May 23 in
Affect Service Members' Readiness
June 1, 2006
"Predatory lenders use names like "Military Loans" and
"American Financial" to suggest they're affiliated with the
military. Among these tactics, however, the most prevalent
form of predatory lending is the payday loan, also known as a
cash advance. According to the Center for Responsible Lending,
payday loans are the practice of using a post-dated check as
collateral for a short-term loan. Payday loans are especially
popular during troop deployment."
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
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,
Sen. Elizabeth Dole, North Carolina Republican, would limit
interest rates to 36 percent on loans offered to military
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
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
LENDING - PERSONAL LOANS UP TO
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.
DESCRIPTION: Loans for
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