Posted on Jan 31, 2016
Are Payday loans still a Problem for Soldiers & their family members?
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Members of America's military face threats to life and limb around the world every day, but it's a domestic threat that has recently put the top brass on the offensive on the home front -- predatory lenders.
Money
Soldiers
Finance
CG-LGL10: Legal
Edited 8 y ago
Posted 8 y ago
Responses: 10
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MSG Jamie Coleman In Oregon, payday loan providers are not allowed to loan to SM's. Everyone who goes in for one has to sign a form saying they're not an SM.
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Pay day loans are a rip off, they charge huge amounts of interest. Don't get started in the cycle of borowing money from them.
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This is a Article from 2005, I know since then alot has been done to protect Soldiers and their family members from these predatory lenders, but are these efforts working?
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MSG Jamie Coleman
That's what I figured, I wonder if bringing back the advance pay system would help?
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MSG Jamie Coleman Nothing beats a great first line leader that will sit the Soldiers down and have a conversation about this, before the Soldier comes in saying he's already spent his next month's pay check and wants to know if there are any resources available to help him/his family.
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