October 2006  Thousands of troops kept home by high debt October 20, 2006 "Thousands of U.S. troops are being barred from overseas duty because they are so deep in debt they are considered security risks, according to an Associated Press review of military records. Security clearances are revoked when service members' debt payments amount to 30 percent to 40 percent of their salary. The exact amount depends on the military branch."  Retired colonel slams state senator, loan business October 11, 2006 "For a man without a dog in the fight, retired Army Col. Tom Brown uses fighting words. Even though he said he isn't campaigning for anyone, Brown held three news conferences Tuesday across North Alabama to criticize state Sen. Lowell Barron, D-Fyffe, for owning payday loan businesses which may have caused financial hardship to soldiers. Brown referred to payday loans as "evil" and being run by "loan sharks" who charge "up to a criminal 400 percent" for a yearlong loan."  G.I. No: Congress puts foot down to curb payday lenders October 6, 2006 "Soldiers will no longer be the target of predatory payday lenders. That's essentially what Congress said last week when it passed legislation that limits payday loans made to military personnel to a 36 percent annual percentage rate. Payday loans are a short-term, high-interest advance on an upcoming paycheck. The cap came as Colorado Attorney General John Suther's office released annual sub-prime lending statistics that show the state's payday loan industry boomed last year. From 2004 to 2005, payday loans grew 34 percent to reach a total of $500 million, a figure that has doubled since 2002."

Pending Legislation Concerning Military Loans 2007 National Defense Authorization Act The bill will limit military payday loans to 36 percent APR. Also see: Pioneer Loans in the News

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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