Pushing for Payday - Military Payday Loans

Military Payday Loans - What Are They?

The craziest thing about military payday loans is they are the exact same payday loans everyone else uses. They use the same technologies, charge the same rates, even come from the same financial institutions. The only difference is that military payday loans attach a very specific demographic - and the reasons for this targeted attack are quite clear.

Military payday loans attack the vulnerable

The answer the question of why military payday loans, all you have to do is look at the kind of people in the military today:

They are for the great majority very young - teenagers or people in their twenties
They are underpaid in comparison to the rest of the country - military stipends are notoriously small, and many soldiers complain of their underpaid status
Borrowing money while an active duty soldier is frowned upon, and living in debt is prohibited.

Soldiers are young and financially inexperienced and they can't yet grasp the dangers of the military payday loan. They are underpaid, living paycheck to paycheck and are always in need of emergency finances. Yet military loans against their paycheck remain one of their only reliable sources of financial aid. This all combines to a specific people who absolutely need payday advances. And by slapping a military name-tag on the loan these lenders are making a financial killing.

The effects of military payday loan abuse

It has been estimated that 40% of all active duty personnel are currently suffering from some personal debt because of their use of a military loan. Almost half of the armed service men and women are worrying about their financial responsibilities, while at the same time suffering through the daunting honor of being a soldier in a country on wartime footing. The thieves are in control of the White House, and their warring cronies lust after domination - today's soldier faces too many battles at home and abroad, and the calls for warning have already been made.

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