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Pay Day Loans for Military Families

When the Pentagon found that predatory payday loan shops and unethical car. broad bipartisan enactment of the Military Lending Act (MLA) to protect active-duty service members and their families.

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Each branch of the military offers a program to help service-members and/or their families. They also want to help service-members and family members avoid Payday Loans and the like. Each program.

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Many companies in states with lax laws market the loans through the Internet. As I noted in a 2006 column, so many payday lenders have targeted military families that the Pentagon launched an inquiry.

June 12, 2019. A recent survey by the National Foundation for Credit Counseling (NFCC) finds that a growing number of military families are struggling financially: The number not paying their.

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Of course, the payday industry’s CFSA asserts that 95 percent of borrowers repay loans on time. But the payday lending industry as a whole penalizes a much broader swath of the American people – and economy. The rapidly growing national payday-lending crisis hurts families, businesses, and communities from coast to coast.

Peterson worked for the Defense Department helping to draft regulations under the Military Lending Act, which banned these high-interest payday loans for service members. tell you what’s best for.

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