Payday loans are something to study carefully, including military payday loans.
What are the pros and cons of Military Payday Loans?
Are there better loans available that are just as fast and easy as payday loans?
There seems to be an advertisement for military payday loans on every street corner near most bases, not to mention on all kinds of financial websites. Why are these loans such a fast-growing phenomenon? Why are there more of these lenders near military bases than in other business and residential areas of the general public?
The reason is, these payday loans are incredibly profitable for the lenders and they love to profit from military families. However those windfall profits comes from… guess who… the borrowers. In the case of military payday loans, the borrowers are hard working military members who put their lives on the line to protect the nation. Should they suffer financial hardships just so some lending companies can make enormous windfall profits from military payday loans?
Go ahead and look at some military payday loans websites, read the fine print, really see what is involved. There are pros and cons to any situation and this one is no different. To be fair, some positives about these loans are: 1. They are fast. If you are in a big hurry this can be an important factor. 2. They approve almost anyone who is in the Military. 3. There are tons of websites and offers available so finding a loan is easy.
However be sure you look at the drawbacks and the negatives of these military payday loans too. Make no mistake, you will learn that payday loans can often be a bad idea and these lenders might not have your best interest at heart.
Some military payday loans are a scam. Some are little more than a tricky, deceptive scheme designed to make great profits from military personnel. These loans and their fees can cost a fortune, and if you are not extremely careful they can push you deeper and deeper into debt.
One man we talked to said in his opinion “These loans are designed like a disease, a virus that has no cure.” These loans and their high fees can sometimes go on and on, month after month, taking more and more of a family’s paycheck and taking food off of their table. Be smart, be careful, read the contract. If you see high fees and penalties in the payday loans paperwork, avoid these loans at all costs.
Even the Pentagon is concerned about military payday loans. Read this before you even think about a payday lender.
The Pentagon Report on Predatory Lending
The Department of Defense has prepared a special report, warning about the problems with military payday loans. As a quote from the report states, “Predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force.”
It goes on to warn, “Financial issues account for 80 percent of security clearance revocations and denials for Navy personnel… Between 2000 and 2005, revoked or denied security clearances for Sailors and Marines due to financial problems have increased 1600 percent.”
Any questions? Don’t risk your future security clearance on one of the many predatory military payday loans that will just make your financial life much worse. These loans are designed to trap you into a repeat cycle of fees and penalties that steal the money from your paycheck and your family. Taking out one of these never-ending payday loans could end up being one of the worst financial steps you’ve ever taken.
This website has all kinds of information about other military loans that are better. Explore here for a few minutes and you will find just the right loan you need. A safe and smart loan that won’t cause you the endless problems that could come from one of those military payday loans.
Meanwhile, some payday lenders are getting into trouble with government agencies that are charging them fines and shutting them down.
The Better Loans
The good news is that military personnel can get a fast and easy loan without having to go to any of those payday loans companies. There are other, reputable firms that have specialized in military loans for years and years. These companies are easy to work with because they have so much experience helping military members. And they are fast too. They are an alternative to payday loans.
Take a look at our pages on Pioneer Military Loans instead of Payday Loans and also Omni Military Loans instead of Payday Loans before you make your decision.