Seems this age old practice never ends.
Step outside the gates of any army base and you will see everything from rent to own stores, title loan businesses and payday loans for the military.
These companies prey on our military and even though many practices involving military personnel are now illegal this rarely slows them down.
It is time for our elected officials to start enforcing the laws created to protect our forces from these vultures.
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Many states have enacted special laws when it comes to our armed forces and payday loans.
Some states have the interest capped at 36%, others just make them completely illegal.
Most payday loan companies disregard the laws and offer these short term high-interest loans either with the interest rates hidden in the fine print, or they just outright lie about the fees.
They will then use extreme collection practices including threats of going to commanding officers for payment.
Most service members will get very concerned with the news that their commanding officers will be told they are not paying their bills and just go ahead and pay the loans.
Many do not realize these loans may indeed be illegal. While they must be paid back the borrower does not have to put up with this kind of harassment.
This collection practice is nothing short of nasty and should not be tolerated, but too many servicemen are not informed that they indeed do have rights here.
As long as these companies exist, they will do whatever they can to keep doing business and making huge amounts of money.
The payday loan industry is a multi-million dollar a year business, and they do not think lightly about the idea of not being able to write our military short term loans.
Our servicemen and women need to be informed that they do not have to bow down to these companies and that there are other options out there for low-interest loans.
Everyone in the service should check their state laws involving payday loans, and use that information to make smart choices when dealing with these companies.
Remember, the smartest choice into not deal with them at all!
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