Archives - March 2006  S.C. must rein in payday lenders before they run over state's consumers March 25, 2006 "SOUTH CAROLINA is in danger of being overrun by payday lenders seeking to squeeze vulnerable consumers, many of whom are already in financial jams, for every possible dollar. The lenders already have a stronghold in the state -- the nation's largest payday lender, Advance America, is based in Spartanburg. And now that North Carolina and Georgia have wisely forced the lenders out of their midst, more and more are heading for the friendly confines of South Carolina, where regulations are lax and financially struggling people are plentiful."  Nation's largest payday lender looks at possibly pulling out of Arkansas March 21, 2006 "LITTLE ROCK - The nation's largest payday lending company is considering possibly shuttering its 30 stores in Arkansas, a move that a leading critic of the industry said Monday he hoped would begin a mass exodus of payday lenders from the state. Notification of Advance America Cash Advance Center Inc.'s decision to possibly pull out of Arkansas was contained in a one-paragraph note that was part of the publicly traded South Carolina company's 100-page quarterly filing with the Securities and Exchange Commission on Thursday."  Lawmakers asked to change state payday lending law during legislative hearing March 17, 2006 "Retired Navy Col. Dale Vande Hey, a Pentagon official, asked the panel for support at the state level in helping the military protect soldiers who often get in financial straits after seeking payday loans. Hey said the practice is hurting the preparedness of the nation's military."  Payday loan ordinance under attack on two fronts March 13, 2006 "The lenders are a statewide concern but a local priority. A University of Florida study found that the businesses cluster near military bases, making Northeast Florida particularly fertile ground. The study found that the area around Naval Air Station Jacksonville had the highest concentration of payday lenders in the state."  Avoid the 'Payday Pirates' March 11, 2006 "If you need: $300: Payday lenders lend you: $300 against your paycheck in two weeks You should pay them: $360 in two weeks (lending charges) You can't pay, so you roll it over: $360 against next pay check After one month, you now owe: $440 (more interest, lending charges) And so on and so on. Each time you roll it over, the charges and interest build. They'll say the fees are just $20 per $100 borrowed - and also say that many credit cards charge 24 percent interest or more. But that 24 percent figure is the annual rate. Payday loans are two-week loans that turn into long-term debt, and their annual interest rates can easily surpass 400 percent. So Bottom line: This is not a good deal!"  North Carolina: Payday lenders gone, not demand March 5, 2006 "It may seem odd to wonder where people will turn now that payday lenders have left North Carolina. There is not exactly a shortage of opportunities to borrow money at very high interest rates. But every year until this year, tens of thousands of N.C. residents borrowed money from a payday lender, paying as much as 20 cents for each dollar they borrowed."  North Carolina: Payday lenders agree to stop issuing loans March 2, 2006 "According to a May 2005 study, professors at California State University and the University of Florida mapped the nationwide location of payday loan stores and found "irrefutable geographic evidence demonstrating payday lenders are actively and aggressively targeting U.S. military personnel." The researchers found the greatest concentration of loan stores in states with higher military presence - including North Carolina."

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 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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