RE: http://www.military.com/features/0,15240,146825,00.html

I bet if you really got behind ownership in these "legalized loan sharking" establishments I'd say you will find the mob! Just my two cents.

quote:

Originally posted by E5LargeFather:
RE: http://www.military.com/features/0,15240,146825,00.html

I bet if you really got behind ownership in these "legalized loan sharking" establishments I'd say you will find the mob! Just my two cents.

I don't know the answers on this; I do know this isn't.

I remember in the 80s when I was a Pup, friends would sometimes have to go that route, Emergency Car repairs, appliances going out, utilities...

This industry preys on more than troops and any solution shouldn't benefit just them.

I know folks poorer than our troops that have fallen (or chosen to be) victim to these Predators.

But if I remember correctly, it was ussually someone that bought a car for tooo much dough, were told the car was warranted, only to find out the particular problem is not, the problem is expensive (transmission shot for instance) and the troop (or other) is stuck with a carnote and car that runs SLOWER than you.

Now its a good thing that bush put a cap on it for our soldiers.But if the government was doing their job and makeing sure our soldiers had enuf money on their checks they(our soldiers)wouldn;t need payday loans.It;s time to face it,our new soldiers dont make much money and with a family are forced to go on welfare,now how sad is that,its ****ing sad..I know a couple of soldiers with families that are on welfare,i mean common,they fight for us and congress and bush,but yet congress and bush just 4 weeks ago put a stop to another raise for our soldiers while congress again gave themselves another raise,now thats ****ed up.....Our soldiers need more money their first years of duty,but do they get it,**** no,bush and congress votes it down....

Back in my day Payday loans would have been cheaper then what we had to pay... I remember the $20 for $40... 100% interest and if you needed a large loan the credit union was always good for $500.

The Military should make it illegal for payday loans and if they, Payday loans, lend a service member money then they shouldn't have to pay it back.

“The truth from an old Army Warrant Officer - that is an oxymoron, right?”

Something has been needed for a long time. The mob might be connected. It’s for sure one big rip off.

Speaking of in my day: The payday loans were from the “barracks loan shark” it was 10 for 15 on payday, plus a quarter (per day). If the loan as for $10.00 made on the 20th of the month it would cost $17.50. Poker losses were at the same rate. That was when the starting E1 pay was $63.00 per month. If you missed a month, everything doubles. Sure it was illegal. But, who’s going to report the BLS? Of course, he had guys who would collect for him. Often the BLS was one of the NCOs. In my first unit, Co. A 293rd Eng. Bn., it was my platoon sgt. He would stand at the end of the pay line with his note book. The pay officer usually got a fifth of scotch. I never had any money, I couldn’t be the BLS, I had a class Q going for my mother. That meant my pay was usually $20. I pulled a lot of guard and KP for other guys and won at poker. Those were NOT the good old days.

At least that’s the way this old soldier sees it!

For my marine friends, I’m just “A Gunner in old ODs”

WOPA! If you have to ask, you wouldn’t understand! And, if I told you … well you know how that goes.

Notice there are four payday loan advertisements at the top of the page.

I think a lot of soldiers don't want the chain of command knowing all of their business so, they revert to these payday loan places. If the Army came up with their own payday loan process w/out going through the command (notify in the exception of constant/repetitive users) it would probably put a lot of these loan places out of business and looking out for their own.
Although, if one were to research they might find a politician or two gaining on the losses of the people who use these places.

quote:

Originally posted by msackett:
Notice there are four payday loan advertisements at the top of the page.

I only see two ads. One for a movie, 3:10 To Yuma and "Play Golf online for cash." Check your pop up blocker. Make sure it's on. Every time I go to military.com I am told a pop up ad has been blocked.

It's about maturity and we all know our troops are very young. Younger people have a hard time managing money as they want cool things first and pay necessities last. After a lot of suffering we learn to turn it around, hopefully.

A good budget counselor for anyone who finds him or herself in financial trouble. The counselor could be a freebie as long as his or her advice is followed to the letter.

We all need to know how to manage our money and it just takes time and education.

Terror Teacher

Two sides to the coin. A fool........I learned very early in my career that you can not protect a fool from himself. For a few of us, we remember the service member, or his spouse, spending the paycheck at the club by playing the slots. Others drank theirs. Some bought that hot car with their bonus, and then had to put it up on blocks because they could not afford the insurance. Everyone needs to learn and accept responsibility.

Other side. Crappy pay, enormous unreimbursed expenses, emergencies, and then they need money, and this is not confined to the young or lower ranks. Pay day lenders are usurious and injurious to the good order of society. And by the way, no they are not “mob”. This is just a too good an opportunity for a business person to pass up. Again, the pursuit of the almighty buck reigns supreme!

Efforts have been made in many states to real in these guys, but not with much success. Capped at 36 %?? Good grief, that is still outrageous! As can be seen, they have clout in their campaign contributions. This will continue until the outcry is enormous and can overwhelm the “good” the campaign contributions offer the politician. Have a good day!~!

I went to the web site for Check Into Cash and found military personel may have some rights civilians do not have. I am not endorsing this company; just pointing out their stated policy.

10. Military A member will comply with a separate code of Military Best Practices that addresses the unique circumstances of active duty military customers. These special consumer protections include, among others: a prohibition on the garnishment of military wages or salaries and on contacting the military chain of command to collect payment; and the establishment of financial literacy initiatives that will benefit service men and women.

http://www.checkintocash.com/our-standards.htm

what I am about to say I am sure many of you have seen in one form or another....

When I joined I was getting $97/mo as an E1 zero nothing...

My dads advice when I left home was to make sure I had all my toilet articles, shoe polish, cigaretes, etc I needed for the month paid for BEFORE I went and partied..... that advice paid off in spades many times... how many of you have seen someone right after payday go and blow it and then doesn't have $$ for the essentials..? In my opinion E1 thru E5 doesn't have any business living off post anyway, but thats another argument... bottom line?

Responsibility for ones actions!! Screw the pooch and the "green weenie" gonna get ya. No slack due!

Oh and because I "managed" my monies I always had a few bucks to "loan" out... rate was $0.50 on the dollar... even went into "business" with a few others....why compete with each other huh? Even today, all bills are paid, and usually 2 months in advance, BEFORE I play - has boded me well all these years and in my opinion has allowed me to retire at the early age of 55.
My $0.02.

If the military paid more than they do for a family then we would not have to use payday loans. I know that they are not a good thing but sometimes you have to do to just get by. One thing I can say is thank you Bush for putting a end to them on the first day of the month because when we went to rollover today because we had planned to pay off on the next payday they took our money and said thanks but cant loan to you anymore. Well guess what what good is that going to do for us when we live on the street because we could not pay our rent or vise versa cant get to work because we have no car because could not pay our car payment. As a E-4 there is not enough pay for us to last espically when you have a family of 4 and a spouse who is not able to work due to disability. So what do we do now.......