Payday Loans Targeting Military
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  1. #1
    McD
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    Default Payday Loans Targeting Military

    Payday lenders target military families - Business - Your retirement - Personal finance - msnbc.com


    Thought this was a very interesting article about the dangers of payday loans for families in general, military families specifically.

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    Those places should be outlawed IMO.
    ~Russ

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    Moderator Ceashels's Avatar
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    A very good article. I know that there are regulations stipulating that payday loan companies can not be closer than a certain distance to the base. I hope more regulations and policies get placed to help prevent our military from getting into situations like this.

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    Registered User Nishu's Avatar
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    I'm not sure this article is accurate. The law that prevents military members from getting payday loans was an act of congress. There shouldn't be any variation from state to state. The cap on interest rates applies across the board.

    New Law Makes Payday Loans to Military Members Illegal

    Almost all the payday loan places completely dried up here. Ours will ask you if you're military, and if you have any military income coming into your house at all, they won't work with you. I know they're scum and that military members shouldn't get payday loans, but I have to disagree with the law. Payday loans are stupid and expensive, but you can get one without spiraling out of control like the people in these stories.

    On the other hand, the private in the story got like a 40K car loan, and no law protected him from that stupid move. No law is going to tell an e3 that they don't need cable or the latest phone. No law protects these guys from credit cards with 29.99 percent interest. I have a friend who qualified for a car loan as and e5 and that car loan cost 800 a month. We had a 12k credit card back then, when my husband as an e5. This was a credit union with a good reputation.

    I just don't care for their approach to the problem. The desperate situation that led a service member to seek help from a payday lender isn't going to change just because they get turned down. Even though I don't have any intention of using a payday lender, I don't care for being told that because we're military, we're not allowed to use certain services.

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    It should be illegal to take advantage of anyone like that in my opinion military or not.

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