Army Takes Issue with Payday Loans

[Anonymous]

Hooah!

http://www.army.mil/-news/2007/08/21/4509-army-takes-issue-with-payday-loans/

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The law [2007 National Defense Authorization Act] won't stop Soldiers from using payday loans, said Leonard Toyer, a financial counselor with Army Community Service, but it will lessen the amount of debt servicemembers carry as a result.
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According to Trina Reliford, the Army Emergency Relief officer for ACS, Soldiers can fill out an application for an interest-free loan and receive a check the same day with a commander's approval under the Commanders Referral program. Soldiers may receive up to $2,000 a year in two loans and the first loan must be repaid before seeking Commanders Referral again.
...

[Anonymous]

My issues is this.  By thetimeyou get to payday lendrs your creditworthiness is shot anyway.  Nothing on that payday loan isn't there in black and white.  If you agree to pay 3000% APR then its your but.  the government neds to stop bailing people out of their own messes as the backlash in the mortgage industry to other parts of the credit industry tales the tale.

I live in a  military town and the economy is unfortunately military driven.  Where a soldier who is making more that the average income for the area can qual for benefits like foodstamps with the commissary prices as back up a single parent makng only 1200.00 per month may not shopping at a regular grocery store and paying full taxes. The military base keeps salaries down in this area and benefits as well.

Message Edited by Brammy on 08-27-2007 01:25 PM