Pushing for Payday - Military Loan

Military Loan - Where We Stop Pushing

Very rarely do we come across a personal loan that we just don't like - either we can't Push hard enough to make them work or the numbers of people falling into debt at the hands of the payday advance is just too high. A military loan fails in both accounts and is a dangerous financial option because it targets an extremely vulnerable audience - young military personnel.

The numbers behind the big bad military loan

It has been estimated that upwards of 10% of all active military personnel stationed in the United States seek financial counseling due to the debts incurred from a military loan. This incredible high number is both sad and enraging:

sad because so many of our military are failing to meet their financial demands, and
enraging because the only reason they cannot meet their demands is by false promises from the fast loan providers.

Providers of military loans insist their loans are easily affordable, insist they are offering a great service to soldiers, and insist their military payday loan services are in some way connected with the armed services - none of which are true.

a cash loan is only affordable when the person getting the loan can handle the financial pressures. This does not include soldiers, who not only make minimal salaries but are also required to repay all their debts as fast as possible. When their debt rises as with a payday advance, that debt management becomes more than just a requirement but an all consuming effort.
these cash opportunities are not even beneficial for soldiers, generally young, underpaid, and financially inexperienced. The military loan preys off of young soldiers naivety, and the numbers show that this predatory lending works frighteningly well.

So what can military personnel do about military loans?

The best thing you can do is avoid the loan altogether and seek out other means for your loan. With an unsecured line of credit from your bank you can take out a lot more money for a lot less risk - repay the loan at a pace you can afford and be able to enjoy your financial opportunities. Pushing for Payday encourages payday lending, but not for people who cannot - should not - handle the responsibility of an unsecured loan.

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