Payday Loan Sharking is Bad News for the Military
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Military payday loans | Payday Loan Sharking is Bad News for the Military
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Payday Loans are for immediate cash at very high interest rates. That's why the Department of Defense has recently mandated that military members CANNOT take out payday loans, so payday loan companies CANNOT attack the financial security of military personnel (and their families).
The Military Lending Act (MLA) has helped reduce the number of military payday loans available outside of military bases, but some storefront and online lenders still manage to find ways around the law.
Loans that are not covered under the Military Lending Act. Keep in mind that some short-term loans fall outside the realm of payday loans. These loans are typically referred to as “installment loans” and come with longer repayment terms and lower (but still expensive) interest rates.
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A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday."
About Payday Loans If you’re falling short on your bills and just trying to make it paycheck to paycheck, a payday loan may be exactly what you’re looking for. A payday loan is a small principal, short-term loan that typically is paid back around the time of your next pay day.
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