May 2006  Payday lender accused of targeting military May 24, 2006 "EL PASO - A judge here has frozen the assets of a payday loan business as part of a lawsuit by state officials charging that the company is really a loan-sharking operation targeting military personnel. State Commissioner of Consumer Credit Leslie Pettijohn accused John A. Gill Jr., owner of Advance Internet and Texas Advance Internet, of making short-term cash advance loans at inflated interest rates. The 21-page lawsuit filed here last week alleges that Gill, whose company was not licensed in Texas, charged as much as 782 percent interest and offered Internet service as a perk for doing business with the company."  Military has payday loans in its sights May 23, 2006 "Military leaders will press state legislators today to protect the hundreds of thousands of young and impressionable service members who are prime targets for payday loan centers, which can charge a maximum annual rate of 459 percent. The armed forces' top commanders rarely speak out on controversial issues, preferring to find solutions behind the scenes with politicians and Pentagon officials. However, they see payday loans, in which consumers pay an upfront fee for an advance on their next paycheck, as an increasingly unpatriotic distraction from war operations."  Norfolk takes lead on payday lending May 19, 2006 "Payday lenders have spread across Virginia like mushrooms after a rain, popping up near sailors and soldiers, the poor and desperate, encouraging them to dig deeper into debt by charging interest rates that approach 400 percent. The General Assembly - showered with campaign contributions from the industry - has refused to do anything to rein in the business, a task that has been left to the cities. Norfolk has responded, showing one way to regulate an industry that is far too free to victimize Virginians. The city has moved to change its zoning to bar lenders from large shopping centers, and require special permission in other places, according to Virginian-Pilot staff writer Tom Shean."  Top Cities for 'Military Loans' Online Search May 12, 2006 The following results were returned when a search was performed for "military loans" using the new Google Trends tool: 1. Apex? 2. Waco 3. El Paso 4. Norfolk 5. San Antonio 6. Honolulu 7. Seoul 8. Las Vegas 9. San Diego 10. Washington (Search performed on 5/12/2006)  Arizona: Payday-lending reform bill is next to useless May 5, 2006 "The new law makes mandatory the payday loan industry's voluntary code of behavior, called "Military Best Practices." That may sound worthwhile, but federal law and Department of Defense regulations already cover the key areas. "As far as I can ascertain, adopting the Military Best Practices doesn't hurt anything," Kelly Griffith, deputy director of the Southwest Center for Economic Integrity, told me. "But it doesn't do a whole lot of good, either... It's already part of law on a higher level, and it hasn't stopped military service personnel from getting caught in a debt trap."

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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