Archives - October 2005 (Current month)  Dole amendment would target lenders who prey on military October 25, 2005 "Buried deep in the Defense Authorization Bill is an amendment by U.S. Sen. Elizabeth Dole, R-N.C., that has military advocates cheering and consumer advocates cringing. Dole, a member of the Armed Services Committee and the Banking Committee, wants to make it more difficult for payday lenders to take advantage of military personnel. Her amendment, which is part of the larger defense bill, has not been formalized yet and is still being written."  Legislation targets predatory lending to military October 17, 2005 "Rep. Sam Graves, Missouri Republican, introduced the Servicemembers Anti-Predatory Lending Protection Act (H.R. 97), a measure that would limit interest rates to 36 percent for consumer credit extended to a service member and their dependents. If passed, the measure would authorize a fine or up to one year imprisonment (or both) for lenders who violate the interest cap. Additionally, FRA strongly supports an amendment to the Senate Defense Authorization bill (S. 1042), sponsored by Sen. Elizabeth Dole, North Carolina Republican, which also would limit interest rates to 36 percent on loans offered to military personnel."  Jacksonville considers capping payday loan interest rates October 11, 2005 "The Jacksonville city council is considering capping payday loan interest rates for military personnel at 36 percent, which would be the lowest in the state. The council right now is considering creating the lower interest rate just for people in the military, but there's also talk of expanding the lower interest rate to all customers in Jacksonville."  Nevada's payday loan law causing confusion October 5, 2005 "Lenders expressed confusion about the law's application to customers called up for active military duty, and the length of time consumers who have defaulted on loans can take to accept a repayment plan before being hauled into court."  Payday Loan Limits Sought in South Carolina October 1, 2005 "Most payday lenders cluster their offices around neighborhoods with high percentages of blacks or military personnel, said John Ruoff of Fair Share. When the number of offices is compared to the size of the population, the biggest disproportionate clusters are around Fort Jackson in Columbia, in North Augusta, near Fort Gordon in Georgia, and near the Charleston Air Force base."

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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