State: Payday lending challenge fizzles
"This year's legislative hearings again pitted the payday
industry against an organization not accustomed to defeat: the
U.S. Navy. The Department of Defense has made restricting the
loans a top priority, and Rear Adm. William French, the Navy's
Northwest commander, testified that payday lenders
deliberately ensnare sailors in debt, hindering combat
Payday-loan bill killed by sponsor
"A bill that would have reined in payday lenders in
Virginia died Monday night in an unusual way: suicide.
Del. G. Glenn Oder, R-Newport News, killed his own bill,
rather than risk its being toughened by a proposed amendment
on the House of Delegates floor."
OKs package of bills for veterans
"Some Republicans also voiced concerns about House
Bill 2881, which would bar payday lenders from threatening to
approach a service member's chain of command in order to
collect on a delinquent loan. "This problem is far more
widespread than payday lending or any lending institution,"
said Rep. Dan Roach, R-Bonney Lake. "Military people get into
debt in a number of ways - payday lending, credit cards or
equity in their home." And in case a veteran needs money,
House Bill 2754 establishes the Veterans Innovations Program.
The bill allows for veterans to receive up to a $500 loan from
the government to use toward anything."
the 'sun set' on payday lenders in state
"Christopher Lewis Peterson, a law professor from the
University of Florida, and Steven M. Graves, a geographer
and mapping expert from California State
University-Northridge, said payday lenders are targeting
people in the military, and that can have serious
consequences for Tucson." There is irrefutable geographic evidence demonstrating
payday lenders are actively and aggressively targeting U.S.
military personnel," the researchers wrote."
taken by payday loans gets attention from military
"A decade after Washington legalized short-term, high-interest
"payday lending," as an alternative to illegal loan sharking,
the payday lending industry has mushroomed. In 2004, according
to Washington’s Department of Financial Institutions, more
than 3 million payday loans were made in the state – an 80
percent increase since 2000. The average loan was $375; the
average fee on that loan was $50."
Troops Screwed By Loan Shark Companies
than 100,000 US troops have been saddled with long-term debt
in return for short-term cash from "payday loan" stores
charging interest rates that would make the mob blush. And the
loan industry's powerful lobbyists, both Democratic and
Republican, are fighting hard to keep the interest windfalls,
which in at least one case topped 500%, the Daily News has
learned. "The troops get roped into it and they can't get out;
it becomes a spiral," said Joyce Raezer of the National
Military Families Association."
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
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,
Sen. Elizabeth Dole, North Carolina Republican, would limit
interest rates to 36 percent on loans offered to military
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
Loans. We recommend Pioneer Military Loans when loans are
not available to you through your base or other military support
organization. Pioneer charges fair
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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
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
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