Military payday loans capped @ 36%

[ICANHASMUNY?]

http://www.consumerfinance.gov/blog/what-military-families-should-know-about-payday-loans/

 

 

Starting today, you can submit payday complaints to us. So this seems a good time to remind you that if you are a servicemember on active duty you, your spouse, and certain dependents have the protection of a special law called the Military Lending Act (MLA). The MLA says that you can’t be charged an annual percentage rate higher than 36 percent on certain types of consumer loans, and that includes certain payday loans as well as auto title loans and tax-refund anticipation loans

[ihatecollections]

I never understand why so many people use these places. Each branch of the military has a relief fund that you can apply for if you are in financial trouble. All that is required is they do a budget on you, and explain to they why you need it. If it is a valid reason they almost always approve them, and it is at 0% interest. Hell most of the advisors that I know at ACS will go over your credit report with you and help you set up a realistic budget.

[PotO]

I never understand why so many people use these places. Each branch of the military has a relief fund that you can apply for if you are in financial trouble. All that is required is they do a budget on you, and explain to they why you need it. If it is a valid reason they almost always approve them, and it is at 0% interest. Hell most of the advisors that I know at ACS will go over your credit report with you and help you set up a realistic budget.

Navy Relief approves very few unless you have a real hardship. Unfortunately (or not) they don't consider buying that new plasma TV or taking the family on vacation much of a hardship these days.

 

Even with a real hardship, they just don't throw out money to anybody. If you have under a year to ETS they will not usually help you. And Navy Relief is anything but fast. With a strong tail wind, you're looking at a month.