Pay Day Loans for Military Families

Beware the Payday Loan. By: Margarita Cambest, Staff Writer And Other Tips to Take Control of Your Financial health. frequent expensive moves, stretched monthly salaries and high unemployment for military spouses can sometimes make it tricky for military families to take control of their finances..

House Bill 2191, to legalize payday lending in Pennsylvania. It’s hard enough these days for middle-class families to pay their mortgages, car payments and college loans – all at far lower interest.

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In announcing the program, John M. Molino, then the deputy undersecretary of defense for military community and family policy, noted that the wide use of payday loans within the military has the.

Peterson worked for the Defense Department helping to draft regulations under the Military Lending Act, which banned these high-interest payday loans for service members. tell you what’s best for.

Many military homeowners who saw their homes plummet in value in the financial crisis still can’t get relief from “under water” mortgages that leave families owing. abuses by payday lenders and.

Payday Loans are for immediate cash at very high interest rates.That’s why the Department of Defense has recently mandated that military members CANNOT take out payday loans, so payday loan companies CANNOT attack the financial security of military personnel (and their families). Hooray (and hoo-rah!) for that!

The Internet has 2.5 million links for payday loans, 4 million for cash advance sites; and 31 million for check advance sites. In addition, the Hill Air Force Base Airman and Family Readiness Center,

Each branch of the military offers a program to help service-members and/or their families. They also want to help service-members and family members avoid payday loans and the like. Each program.

The problem is so bad the Department of Defense says it’s weakening the military. "We do need legislative assistance to curb this problem," says David Chu, undersecretary for personnel and readiness.

Aca,!" The Legal Assistance Office has recently fielded several questions from military members on Military Payday Loans. The Legal Assistance Office would like to remind service members that since.

Payday loans and personal loans may sound alike, but they're hardly the same thing. For starters, a payday loan operates on a much shorter.