At the Quick Cash today I had to sign a waiver stating I am not an active member of the armed forces. I asked what was going on and the clerk said they will be forbidden by law to give out loans to such people starting in October. Why is this? What law, and why was this law passed?
2007-09-04 15:07:05 · 11 answers · asked by Gary V 4 in Politics & Government ➔ Military
I was told it was a law or it came from the Defense Dept. Not a business decesion. And I think it sucks, what if someone needed a quick loan to make a house payment or something, and would be able to pay it back quickly. They are old enough to go die, I think they can handle money.
2007-09-04 15:35:36 · update #1
Lots of good answers, I'm going to have to send it to voting. Thanks for all your input everyone!
2007-09-05 18:57:02 · update #2
This law was passed because they targeted Military and the interest rates are unbelievably high.
2007-09-04 15:11:17 · answer #1 · answered by Anonymous · 8⤊ 0⤋
1
2016-09-28 04:58:36 · answer #2 · answered by Adriana 3 · 0⤊ 0⤋
these people have extremely high interest rates and military members normally go and use quick cash or some store like it to purchase things that are on sale right then and there, rims, tvs, etc..... I know my hubby is military and we know many soldiers that do this.
If this was for rent , etc... the army has AER loans, which is a army emergency loan if you can't pay your bill (for some odd reason) and they will make you pay it back over a period of 12 months or so.
some military members would rather put rims on their car, so they get these 'quick' loans, that the AER would never give them money for, and don't realize the interest rates are almost a arm and leg.
2007-09-04 17:41:34 · answer #3 · answered by Anonymous · 2⤊ 0⤋
there are greedy corrupt busness men near every military base. They want your paycheck. Those loan sharks charge interest rates that should be against the law. Military people have no problem getting good loans from honest lenders when it is for a reason. I do not mean going broke a week after paydayt and borrowing on the next payday at a high interest rate. Shaddy car dealers will put you into a piece of junk at triple tyhe cash value. The military is looking out for your welfare by going after these guys.
2007-09-04 17:22:06 · answer #4 · answered by Bob S 5 · 2⤊ 0⤋
Well you don't know the young military members some of them can't handle their money that well. They take out these loans and then have to pay it back please interest the next payday and then either that day or a few days later are taking another loan out again. They never get caught up and are always putting themselves behind finanically.
They did this to protect them and their families from staying in the red.
Trust me some young soldiers (and even some olders one) just because they are willing to die for our country doesnt mean they know how to handle their money.
That is just like saying "just because you have a baby doesnt mean you have to get married or just because you get married doesnt mean you need to have a baby." Each one has different responsibilites and different times for each.
Money is one of these things for military members. You would be surpised how many go through some sort of financial counseling.
2007-09-04 17:18:24 · answer #5 · answered by ckamk1995 6 · 3⤊ 0⤋
Not a law. A regulation. Effective with the beginning of the fiscal year on October 1st, the Defense Finance and Accounting Service will not accept demands for garnishment of active duty pay from these outfits if the loan is in default. It's the same reason for loan denial these outfits use when dealing with retired people. They can't make a demand for garnishment from Social Security.
2007-09-04 15:34:19 · answer #6 · answered by desertviking_00 7 · 8⤊ 0⤋
I would go witht he above persons answer, there is a car dealershio near the base were I am and they sell cars to unsuspectin soldiers, the pre-owned cars have been owned so many times, it ridiculous, the PV1 gets a car, makes a couple of payments (because the dealership knows the soldier will get a steady paycheck) and when the soldier can no longer make the payments, the dealership, gets the car back and sells it again to another stupid soldier who thinks he can handel the payments, then there is the dealership that is the "Fly by night" dealership. They are there to sell you the car and when soldiers bring the car back for repairs, they go under and then come back to the same lot under a differnat name.
2007-09-04 15:19:40 · answer #7 · answered by Anonymous · 7⤊ 0⤋
Check this site out. http://www.armytimes.com/news/2007/04/ap_payday_loan_070411/
It is the draft of DOD payday loans proposal that will be enacted on Oct 21.
This website gives some ideas for alternatives to payday loans.
http://www.armytimes.com/money/financial_advice/ONLINE.SGTSHOPPER.PAYDAYLOANS/
If you need help, there are people on base at that you can talk to and they can give you advice.
2007-09-04 16:41:29 · answer #8 · answered by Diane 3 · 3⤊ 0⤋
Because of all of the payday loan places that are off military installations. They are riping you off too but now they have protections for military.
2007-09-04 15:16:05 · answer #9 · answered by MP US Army 7 · 8⤊ 0⤋
i know veterns get 300k loan at low intrest rates
2007-09-04 16:03:04 · answer #10 · answered by Anonymous · 0⤊ 1⤋