Archives - July 2005
State Target Payday Loan Stores
July 25, 2005
"SAN DIEGO -- Military and state government officials have
begun a crackdown on "predatory lending" businesses that
target military personnel, who are often young and financially
inexperienced. Wayne Strumpfer, acting commissioner of the
Department of Corporations, said his agency is particularly
interested in payday loan stores, which offer loans to
military personnel and other customers between paychecks.
California state law limits the amount of a loan from one
store to $300 and caps the amount of fees, but many people
find they cannot repay the loan immediately and begin taking
new loans to pay off old loans."
shops would feel brunt of Oceana closing
July 22, 2005
"Patrick Tankersley speculated that some of the hardest-hit
businesses could be those that specialize in cash-advance
loans. Tankersley, an assistant manager at Oceana Cash Advance
off Virginia Beach Boulevard, said 75 percent of his clients
work for the military. Many take out loans to get by until
their next paychecks. If Oceana closes, the business would
likely follow, he said. He doubted, however, that his pawn
shop next door would feel much of an effect."
lending is dangerous debt
July 20, 2005
"Nothing could be worse for a debt-drowning family than to get
caught in the payday-lending trap. Even the American military
has joined the call for banning payday lending because, as it
turns out, low-wage military families are one of the primary
targets of this bloodsucking industry. Being overwhelmed with
debt, the Army recognizes, is not conducive to maintaining
morale and focus among its enlisted ranks."
lawmakers make pitch to cap payday loan interest rate
July 17, 2005
"Army Chief Warrant Officer 2 Thomas Burden and an intern
dressed in a shark costume were the highlights of a
congressional news conference called to get support for
capping the interest rates charged on payday loans."
loan limits proposed
July 15, 2005
– Thomas Burden, a chief warrant officer at Fort Hood, Texas,
was in a jam. Facing an out-of-town family emergency, he
needed cash to travel. Without the credit history to get a
conventional loan, he turned to one of nearly 20 payday
lenders whose shops surround the military base."
sounding alarm about payday loans
MARINE CORPS BASE CAMP PENDLETON, Calif. (July 13, 2005)
"The good life is just outside Pendleton's gates -- namely the
finer things "easy money" and "instant cash" can buy. Those
and other tempting phrases are often dangled to lure
servicemembers whose yearning power exceeds their earning
power. But Mike Hire, a retired Marine who has made a second
career out of helping servicemembers who've fallen on hard
financial times, says it's a trap."
payday loans a team effort for JALA
July 11, 2005
"In Lynn Drysdale's line of work she needs to know the flip,
the fan and the five-finger spread. That's a skill set that
sounds more at home in a Las Vegas casino than a law office.
But for Drysdale, a consumer attorney with Jacksonville Area
Legal Aid, the knowledge is essential to stay a step ahead of
an increasing number of scams designed to separate her clients
from their money."
leaders, vet groups protest payday lenders
July 9, 2005
"OCEANSIDE -- Saying they wanted to send a message to state
and federal lawmakers, several local officials and
representatives of local veterans groups made a public stand
in downtown Oceanside on Friday, calling for limits on
interest rates on payday loans to military service members."
would protect military from parasitic 'payday lenders'
July 5, 2005
"America's military bases are under siege by an army of
financial predators known as "payday lenders." Legislation
currently in the U.S. House, H.R. 97, called The
Servicemembers Anti-Predatory Lending Protection Act, would
protect our military from these fiscal parasites by enacting a
cap on outrageous interest rates, but unfortunately only a
handful of legislators are taking the threat seriously."
is Back, And He Is Feasting On Our Military!
July 5, 2005
"Military families have demanding circumstances placed upon
them daily. They have mates and/or children who have
voluntarily placed themselves in harms way. Due to wartime
conditions- extended separation for families is occurring. Our
military people put up with listening not only to anti-war
brigades undermining the support needed, they also contend
with the media flashing only negative stories from the lands
we are defending. Add to this deluge a great white shark
disguised as a flashing neon sign, blaring "Payday Loans" to
finish the feeding frenzy on our military."
"A new state law taking effect
today offers military service members and their families some
protection from the booming, seductive and often costly
practice of high-interest payday loans. Virginia lawmakers
approved measures this year that bar short-term lenders from
garnisheeing military wages and prohibits them from collecting
against deployed service members or their families.
Storefronts for payday lenders have mushroomed around military
bases and in urban neighborhoods in Virginia since lawmakers
approved the business in 2002."
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. 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.
PIONEER MILITARY LENDING - PERSONAL LOANS UP TO
MilitarySpot.com recommends Pioneer Military Loans for
your personal loan needs. Pioneer Military Lending is committed to
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