June 2006  Payday 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."  California: 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."  Loans 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."  Navy 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."  Military 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 Sacramento."  Loans 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."

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.)

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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