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Home
> Military Loans News |
 Military
Personnel Turning to Credit Unions for
Loans |
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1/18/2011 - The Credit Union Times
reports that military personnel are
using credit unions' participation in
the Small Business Administration's
Patriot Express program to obtain
loans for starting up businesses when
they re-enter civilian life. |
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Holly
Petraeus to Head New Military
Financial Fraud Office |
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1/07/2011 - Holly Petraeus, wife of
Gen. David Petraeus, will head the
Treasury Department's new Office of
Servicemember Affairs at the Consumer
Financial Protection Bureau. As part
of the job, Petraeus hopes to detect
and stop high-interest payday loan
traps targeted to military
servicemembers. |
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Pioneer
Services Donates to "Puppies Behind
Bars: Dog Tags" Program |
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12/23/2010 - Military loan provider
Pioneer Services has selected the
"Puppies Behind Bars: Dog Tags"
program as its annual holiday donation
recipient. The program matches service
members suffering from PTSD with
service dogs that can help
rehabilitate those service members. |
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Criminals
Targeting Payday Loan Consumers |
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12/15/2010 - The BBB is reporting that
criminals posing as law enforcement
agents and lawyers are targeting
payday loan consumers in a scam that
attempts to have consumers send
intended loan repayments to the
criminals instead. |
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Pioneer
Services Helping Families With Holiday
Spending |
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11/28/2010 - Pioneer Services,
provider of Pioneer military loans, is
promoting a website that provides free
financial tools, including a holiday
spending calculator, customizable
budgets and a holiday wish list. The
website can be found at
www.holidayspendingplanner.com. |
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New
Survey Indicates Military Families
Carry More Debt Than Civilian
Counterparts |
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10/18/2010 - A new survey by the
Investor Education Foundation
indicates more than one in four
military families have credit card
debt of more than $10,000 and military
servicemembers are using payday loans
three times as often as their civilian
counterparts. |
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Hot
line helps protect service members
against scams |
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9/24/2010 - Holly Petraeus, wife of
Gen. David Petraeus, is promoting a
military hot line (the Better Business
Bureau Military Line) designed to
protect service members and their
families from scams, including online
military loans that charge outlandish
interest rates. |
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Military
Loan Scam |
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9/13/2010 - FOXNews is reporting that
military members who have less than
perfect credit are being targeted by a
military loan scam that offers up to
40% of their monthly take home pay,
but the loans actually have sky-high
interest rates that do more harm than
good. |
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USA
Cares Offers Financial Assistance |
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8/18/2010 - In the spotlight: USA
Cares (usacares.org) is a non-profit
organization that provides military
families with financial support in
their time of need. |
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Loans
for Returning Military Veterans |
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8/08/2010 - A program administered by
the Minnesota Department of Employment
and Economic Development is offering
interest-free loans of up to $20,000
to returning military veterans who
want to launch their own businesses. |
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Military
Loans Good Alternative to Payday Loans |
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8/03/2010 - An article in the Dallas
Morning News on July 25th, 2010 touts
military loans as an alternative to
costly payday loans. The article notes
that military loans cost far less than
payday loans and have a much lower
APR. |
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AAFES
Offers Reduced Interest Rates for
Deployed Members |
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7/21/2010 - Servicemembers who have an
AAFES Military Star Card and are
deployed for more than 90 days may be
eligible for interest rates of 6% or
0%. Contact AAFES for more details. |
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Unscrupulous
auto dealership scams Soldier |
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7/12/2010 - Parade Magazine reports
that an Army Spc. was stuck with
$11,000 in debt after taking out a
loan for a BMW at a N.C. dealership.
The problem: The dealership had in
fact taken out a loan against its
inventory and didn't own the vehicle,
and the Soldier wasn't able to get a
title to the car after the dealership
shut down. |
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SBA
Reports $500M Approved for Lending to
Military Veterans |
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7/01/2010 - Almost $500M has been
approved in the SBA's Patriot Express
loan program to be used by military
veterans, reservists and their spouses
for starting or expanding businesses,
according to the Small Business
Administration. |
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FDIC
Director Points Finger at Payday
Lenders Near Military Bases |
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6/28/2010 - FDIC Deputy Director
Robert Mooney recently stated that
payday lenders near US military bases
are one reason a new Consumer
Protection Agency is needed. |
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Credit
Unions Challenging Banks for Members |
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6/21/2010 - The New York Times is
reporting that credit unions such as
Pentagon Federal Credit Union are
finding new ways to attract members.
PenFed applicants, for example, can
join the National Military Family
Association to become a member and
gain access to PenFed's popular credit
cards and other financial services. |
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Payday
loans coming to an end in Arizona |
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6/13/2010 - An exemption that allowed
Arizona lenders to charge interest
rates beyond 36 percent will expire
June 30th, effectively putting an end
to payday loans in the state. |
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Pioneer
Services Honored by Kansas City
Business Journal |
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6/07/2010 - Pioneer Services, a
Division of MidCountry Bank, has been
recognized by the Kansas City Business
Journal as a "2010 Champion of
Business" for the company's strong
performance despite a struggling
economy. |
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SmartBuy
accused of bilking troops |
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5/20/2010 - New York Attorney General
Andrew Cuomo has accused SmartBuy of
ripping off US servicemembers by
selling them computers and electronics
at vastly marked-up prices and then
illegally financing the sales. |
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Auto
dealers seek to avoid new loan
regulations |
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5/19/2010 - The Obama administration
is fighting back against auto dealers
seeking exemptions from proposed new
regulations that govern car loans.
Government and Pentagon officials note
that US troops are especially
vulnerable to high-interest car loans,
some of which carry interest rates of
15 percent or higher. |
