Payday and quick cash loans with the Military?
How much impact do you think it will have when the law changes?
Effective 1 October 2007 active members of the Military can no longer use “payday” or “quick cash” loan services outside the military bases. Do you think this is going to have a fallout period and a major increase in debt management services for service members by agencies within the military
June 20th, 2009 at 7:36 pm
Everybody is right on here, there will be a large impact for a short period of time while all of these "services" they provide us are down and out trying to find a way around the rules. While this is happening, some soldiers who have bills piled up will go in the hole, will cause divorces, and the fallout will suck. I've had to use the loans before, not addictively, but once or twice.
They will be back though, in the form of things like omni loans and pioneer loans (both of which sponsor military events…) and even militaryloans.com. All three of them charge over 25 percent on a loan and I've seen my soldiers hurt for it. It will never change, we've got money, but never enough, and plenty of credit and people to call when we mess up. Around all the posts where you see "buy here pay here" car lots, get adds for "credit approved for all Acitve duty e-1 and up" for almost anything from rims and computers to houses it will never end.