Are Payday loans still a Problem for Soldiers & their family members?

2016-01-31T16:30:21-05:00

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.

Response by CPT Private RallyPoint Member made Jan 31 at 2016 4:32 PM

2016-01-31T16:32:44-05:00

MSG Jamie Coleman Payday loans are still great business for the predators and a poor choice for the Soldier.

Response by MSG Jamie Coleman made Jan 31 at 2016 4:33 PM

2016-01-31T16:33:33-05:00

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?

Response by SN Greg Wright made Jan 31 at 2016 4:37 PM

2016-01-31T16:37:06-05:00

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.

Response by SGT Patrick Reno made Jan 31 at 2016 6:28 PM

2016-01-31T18:28:37-05:00

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.

Response by MSgt Steven Holt, NRP, CCEMT-P made Jan 31 at 2016 10:13 PM

2016-01-31T22:13:09-05:00

They shouldn't be. Payday loan establishments were placed on the "Off Limits" list for service members several years ago. To my knowledge, they still are.

Response by SGT Jerrold Pesz made Jan 31 at 2016 10:52 PM

2016-01-31T22:52:48-05:00

Payday loans are a problem for anybody who gets sucked in. Those people are vultures.

Response by CW5 Private RallyPoint Member made Feb 1 at 2016 6:39 AM

2016-02-01T06:39:13-05:00

So lets look at it this way. Like a house and car loan, payday loans are tools. Its like the extra large wrench that you rarely need. I have friends that have several coffee mugs from these places. Back in the day before 9/11, when pay was a lot less and deployments nonexistent, this was a tool to get you from paycheck to paycheck (think PV2 with wife and 2 kids).
Yes, we hate the interest rate but banks rarely offer a loan to troops with low income and no credit history.

Response by LTC Stephen F. made Feb 1 at 2016 12:07 PM

2016-02-01T12:07:29-05:00

The target audience for payday loans is much broader that military service members and their families MSG Jamie Coleman. I have been long-saddened and sometimes angry to how far and wide the payday loan, check cashing and similar named "businesses" have spread around this nation.

Response by SSG(P) Private RallyPoint Member made Feb 1 at 2016 1:55 PM

2016-02-01T13:55:23-05:00

Payday loans are not allowed to loan to soldiers I believe that was enacted in 2008, however there are still places not categorized as payday lenders but still have the same rates as payday loans which hurt the pockets more in the long run such as Omni Military Loans where you can take a 1000 and return 3000, so yes I believe this issue to still be a problem