Comments on: Why Payday Loans Are Always a Bad Idea

By: 42 Blog Posts About How Why PayDay Loans Plague Military Families | PaydayLoans.org

Wed, 04 Aug 2010 01:33:10 +0000

[...] The Family Wallet – This blog explains why payday loans are always a bad idea for military families. [...]

By: karla (threadbndr)

karla (threadbndr) — Tue, 22 Jul 2008 15:55:43 +0000

I especially hate it that these lenders prey on young enlisted military personnel. Even before you started to see them everywhere, there were dozens of these places right off post around every military base I’ve ever been at.

It’s rough to make it as an e-1 or 2, no doubt; especially if you have a family. But payday lending is not the way to make ends meet.

The lenders know that if the soldier or sailor defaults, they can go to his/her command(and this can ruin a career, too).

I’m glad that the federal govt has capped the interest the payday lenders can charge on loans to military personnel.

By: Sam

Sam — Mon, 21 Jul 2008 09:05:01 +0000

Agree. This seems like a good option but whatever ever you do – no matter how strapped for cash you are DO NOT take on any further debt, especially this kind of debt. Interest rates or (APR) for these kind of loans are extortionately high, on average 50% sometimes as much as 96% – meaning on a £2000 loan you will pay back in excess of £3700 – in one month.

Charges are usually hidden or not explained correctly and these types of schemes are aimed at people struggling with money – they do not aim to help you, like they suggest, they aim to make as much money off you in as short amount of time as possible.

If you are struggling with debt, find help via the correct channels with sensible, free Debt Help from a reputable debt advice agency who can give you honest, impartial advice and will not charge you excess hidden fees for such services.

Sam
Fix My Personal Finance
http://fixmypersonalfinance.com/