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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. More Pioneer 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. Their secure and private online loan service is designed to provide you with the convenience and accessibility you need. They offer competitive interest rates and loan products for all ranks, and their online application is available 24 hours a day, seven days a week. All of their loan products are backed by Pioneer's Four-Star Guarantee. If you're not 100% completely satisfied with their service, you can cancel your loan within 15 days at NO cost to you. Click Here

Military Loans in the News

Some Payday Loan Companies Evade the Law
March 29, 2007
"Payday loans also hurt the military, said Capt. Scott Ryder, commanding officer of the Fallon Naval Air Station. Ryder said that a dozen payday loan store branches are clustered within a short drive of his base, and that unfair lending can ruin the lives of sailors and soldiers and hurt the country's military readiness. In the Navy alone, the number of security clearances that have been revoked due to excessive debt has increased from 124 in 2000 to 1,999 in 2005, he said."

Payday lenders will end loans to the military
March 19, 2007
"However, the industry cannot unilaterally pull out of California's military market under state anti-discrimination law. Assembly Democrats Lori Saldana of San Diego and Ted Lieu of Torrance have introduced legislation, AB 7, to grant the industry a narrow exemption so they can refuse to lend to the military. The federal law will apply only to the military, which accounts for an estimated 2 percent of payday loan customers nationally."

An army of one
March 18, 2007
"She and her husband owe $6,000 to Pioneer Military Lending, a private company that drapes its Web site in red, white and blue and markets itself to military families. The Villelas, who don't have credit cards, used the money, in part, to buy a laptop computer and to pay for gas and food while visiting family in Texas. They also have a $514 a month car payment on their used Ford Expedition, which they bought for $19,000."

Payday lender bills appear dead
March 16, 2007
"Payday lenders are major campaign contributors to legislators. They also have defenders. Niger Innis, national spokesman for the conservative Congress of Racial Equality, came to Olympia last month to testify. "Payday lenders offer a choice that is not widely provided by traditional lenders anymore," he said. "Consequently, we think that payday lenders provide a choice that members of our communities should be allowed to make."

Payday Loan Industry Plans Changes; Advocates, Lawmakers Remain Wary
March 08, 2007
"At Ft. Jackson near Columbia, the head of the installation's consumer advocacy and financial advising programs said she knew soldiers who had been paying as much as 900% interest on their loans.

"We've seen some pretty ugly cases," Madelyn Mercado said.

Lately, she has seen a drop in the number of soldiers seeking help because of payday loan problems. Although Mercado said she couldn't be certain of the reason, she believed that the drop was a result of interest limits passed by Congress and signed into law by President Bush in October."

Financial Defense - Legislation takes aim at predatory lenders
March 01, 2007
"A roundtable discussion on predatory lending by payday loan institutions was convened by the Kansas Attorney General Feb. 9 with a military family member from Fort Leavenworth as the chairperson. Holly Petraeus is the daughter of retired Gen. William Knowlton and wife of Gen. David Petraeus, current commander of Multi-National Forces-Iraq. As a life-long military family member she said she is familiar with unsavory business practices targeted at Soldiers and their families."

North Dakota: State law trumps industry guidelines for payday lenders
March 01, 2007
"A national trade association's new guidelines for payday loans offer little that�s new to North Dakota lenders, who already operate under state regulations and self-imposed restraints. The Community Financial Services Association of America last week announced changes to its best practices for members, along with a $10 million consumer education campaign. The changes came in response to concerns raised by consumer groups about the industry."

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