i was wondering if anyone has ever used Pioneer Military Lending to recieve a personal loan, or any other loan before, and what your experience with them was? or if maybe you have heard anything about them before?
This company takes your payment out of your checking account automatically every month.
NEVER, never, never, give anyone electronic access to your checking account or they can (and most times will) bleed you dry. You cannot stop them from taking more than they are owed and just try to get it back.
What is it you need a loan for? You can make some good quick money delivering pizzas or waiting tables at a nice restaurant.
I'm all about paying as you go and not taking on debt.
<Achseh>
Posted
I found this on the net:
"My husband who is an active duty sailor once needed some money. He is not sk9illied in matters of finance so he wnet a compay he felt he could trust. That company was Pioner Military Lending. That advertised being a friend of the military. They are not your firends. IF you need money go somewhere else. They did not fully explain what fess and extra insurance was being charged to my husband. This resulted in almost $1,000 in extra money du them. he was charged for life insuranc ehe didn't know he didn't need and didn't want, some kind of travel/savings club and was not given the opportunity to provide a proof of insurance waiver before being charged with proterty insurance. He was alos told there were no fees involved wiht thsi loan. There turned out to be over $300 in fees cleverly hidden under other titles. I know this was legal but it is also unethical.
If you are military dont trust a company just because it has the word military in the name. There are many companies out there who can help you. BE Careful.
This comapny is preys on you the young, man or woman wiht a steady income but not much knowledge about financial matters. Get advice from someone before you sign!
I am going to go with achseh on this one. When we first got to Italy, I needed a car, and the Italian dealership we went with recommended them for the financing. In a hurry to get the car, my husband, who has excellect credit, just went with them for a $3000 loan. We got raped with a 22% interest rate.
New car we purchased in 2006 we financed through our credit union with a 4.9% rate. You do the math.
Doesn't Navy Marine Corps Relief offer temporary loans??
I don't know how much you need or what it is for, but I would check with base resources first. There have been numerous stories in our area (San Diego) about local companies taking advantage of service members with shady "payday" loans. The reason it was on the news is that it is happening more and more, and people started losing their security clearance due to exessive debt. Be very careful and if you want to share any more info, maybe people on here would have more ideas.
We know of someone who started to go through them one time because they needed money. But as soon as they got the paperwork they said FORGET IT! They required one form to be filled out by his command and there was definitely no need for that to happen.
Check with the AER or NMCRS to see if they can help you. Also talk to a bank to find out if you can get a small personal loan too.
My wife and I use the kind of regulary. Basically if you need the money, they are fine to use. I would look for other sources to use, just because of the hgih payments you will have to pay with them. We use them basically because we can call and tell them we need $10,000 and they give it to us, no questions asked. They will give miliarty people the money fairly easy. But if you cannot pay it back within a couple of weeks, then I would look else where. The only reason I have bad to say about them, is the high payments you have to pay. But if you truly need it fast then go for it.
