November 2006  Military personnel are target of lending fight November 19, 2006 "The U.S. banking industry may join an effort by payday lenders to amend legislation that caps interest rates on loans to military personnel. A last-minute addition to the 2007 Defense Authorization Bill forbids rates in excess of 36 percent per year, a fraction of the triple-digit rates usually imposed. Payday lenders fought hard against the provision, but were undone by the findings of a Department of Defense report that concluded credit woes were sapping the morale of financially unsophisticated soldiers, sailors, airmen and their families."  Senator wants 2nd look at payday loan cap November 17, 2006 "A coalition of military and consumer groups that persuaded Congress to impose a 36 percent interest-rate cap on payday loans to military members and their families is gearing up to fight the whole issue all over again. With strong support from the Pentagon, the coalition persuaded lawmakers to include a provision in the 2007 Defense Authorization Act that would limit interest rates on consumer loans beginning Oct. 1, 2007."  Payday Loans: A Circle of Trouble November 10, 2006 "Here's an example of one of Consumer Credit Counseling's clients from Fort Sill. They have 24 different loans totaling more than $4,000. They even have multiple loans at some places. Wallis says the interest rate may be as high as 400%. "They're over there working for us, fighting for our country. We want them to be focused on their jobs and focuses on defending our country and coming back alive," says Wallis."  Laws provide military with weapons against predatory sales practices November 05, 2006 "Two new laws seek to protect members of the military from being taken advantage of financially on the home front. One aims to prevent agents and brokers from using misleading tactics to sell high-priced insurance and investments to troops. The other caps the annual interest rate that payday lenders can charge service members for advances on their paychecks. The help is needed. Thousands of troops are so far in debt that they are losing their security clearances and, as a result, are unable to serve overseas."  Professors' research sparks loan reforms November 04, 2006 "Christopher Peterson and Steven Graves surveyed more than 13,000 ZIP codes nationwide and found that more payday lenders were concentrated in ZIP codes with a military base than nonmilitary ZIP codes with similar population and demographic makeups. Peterson said military bases are targeted by payday lenders because they are filled with junior enlisted personnel, who often have little experience managing money and low but consistent salaries."  Candidate for Nebraska Governor Wants to Criminalize Predatory Loan Practices November 03, 2006 "David Hahn proposed a Military Protection Act that would also expand benefits for military personnel. "Our troops are too often underpaid, and they turn to borrowing money on their next paycheck, then have to pay exorbitant interest rates," Hahn said. He cited recent news reports that appeared in the Omaha World-Herald and CNN which described how troops are targeted by "paycheck advance" schemes, and how the results can potentially threaten national security."

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. 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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