North Carolina's Capitol building. (Photo Credit: CC BY-ND/Ivy Dawned/Flickr)

The North Carolina General Assembly has introduced a bill that would enable installment loan companies in the state to adjust loan fees to compensate for losses to the recession. The Jacksonville Daily News reports that N.C. H810 would amend the North Carolina Consumer Finance Act to allow lenders to increase the processing fee on installment loans of $2,000 or less by as much as $100. Lawmakers are also seeking to add a handling charge of $3 per month for every $100 borrowed.

Increased loan fees have Marines on alert

Marine Corps Installations East director of Legal Assistance Michael Archer took aim at the proposed changes to North Carolina installment loans, claiming that higher loan fees would “encourage usurious lending” and lead borrowers straight into a squalid debtors’ prison, straight out of Charles Dickens. In the process, he also denounced payday lending, which is already illegal in the state and not currently slated to return.

“We have a lot of businesses, particularly lenders, that target military installations, large places like Camp Lejeune and Fort Bragg,” said Archer. “We have a very unsophisticated population as well. They have crosshairs on their backs and they are vulnerable.”

Archer expressed these concerns – however unfounded – in spite of the fact that installations like Camp Lejeune already have tight regulations regarding the proximity of installment loan and military loan companies to the military base. Wherever need exists, however, consumers find a way.

“It’s very difficult, both procedurally and practically, to put a place off limits,” Archer told the Daily News.

Battle turns to education

Camp Lejeune financial counselor Lewis Summerville is prepared to launch a series of educational workshops for Marines and their families should H810 be signed into law. Added education would enable military consumers to make informed decisions regarding the use of installment loans.

Such would be the case if educators like Summerville even considered adopting an even-handed approach to the military lending issue. However, as the Jackson Daily News suggests, the actual education Marine families in North Carolina will receive is the unstudied, “just say no” approach.

“We can only educate and make sure they make the right choice in not taking that loan,” said Summerville.

Do your research

Independent studies have shown that installment loans contribute to financial well-being, rather than causing poverty. If Michael Archer and Lewis Summerville had taken the time to read existing research, perhaps they’d have valuable information to add to the installment and military loan dialogue.

Sources

Jacksonville Daily News

eLobbyist: N.C. H810

North Carolina Consumer Finance Act

North Carolina professionals support installment loans

This July, families considering military loans will be able to seek advice from the Office of Servicemember Affairs. (Photo Credit: CC BY-ND/Robert Niehaus/RDN)

Young military families face numerous financial challenges, as deployments and household relocation wreak havoc. That’s why Elizabeth Warren and the soon-to-be-active Consumer Financial Protection Bureau appointed Holly Petraeus, wife of U.S. Army Gen. David Petraeus, to chair the Office of Servicemember Affairs. NPR reports that with Holly Petraeus looking out for military families as a consumer advocate, the world will be safe for military loans.

Holly Petraeus is ‘Mom, apple pie and a pit bull’

According to Rod Davis, a colleague of Holly Petraeus’ at the Better Business Bureau, the Office of Servicemember Affairs new chairwoman is all-American and a fighter.

“She’s Mom, apple pie and also a pit bull,” he said. “You get her in your corner and watch her go.”

Fight is exactly what Petraeus, 58, did as the head of the Better Business Bureau’s Military Line program, which provides free financial literacy and consumer protection information to U.S. military communities. In the top position at the Office for Servicemember Affairs, Holly Petraeus plans to help educate military families on when such things as payday loans and installment loans – referred to military loans for active military and their immediate families – are a good idea. Also, Petraeus will work with the CFPB to help combat overly expensive variations on military loans that attempt to skirt federal lending laws.

Petraeus has been there before

As a military wife of 35 years, Holly Petraeus and her husband, Gen. David Petraeus, know what it’s like to make impulsive financial decisions. Everyone is young once, but that doesn’t mean one has to make harmful financial decisions in order to learn valuable life lessons. Unlike the civilian population, where problem debt can roll on for some time through collections and the legal system, military members who don’t pay their creditors can be forced to pay by their superiors. That’s why it’s a better not to learn the hard way with military loans, says Petraeus.

The Office of Servicemember Affairs is slated to open for business in July 2011, when the Consumer Financial Protection Bureau opens its doors.

Sources

Better Business Bureau

NPR

Holly Petraeus on military loans

The Consumer Financial Protection Bureau isn't bankrupt, but its funding could be in jeopardy. (Photo Credit: CC BY-ND/Shirt Fight)

The conservative majority in the U.S. House of Representatives appears determined to rain on Elizabeth Warren and the Consumer Financial Protection Bureau, reports the Huffington Post. Dodd-Frank Act opponents Majority Whip Eric Cantor, Rep. Michele Bachmann and House Financial Services Chair Spencer Bachus have already voted to cut the Federal Reserve-funded budget of the CFPB from $143 million to $80 million. If the trend continues, the CFPB – which is scheduled to open on July 21, 2011 – will be the only federal bank regulator in the U.S. subject to political budget cuts.

The CFPB seeks to heal wounds of banking abuses

Harvard Law Prof. Elizabeth Warren, co-author of the book “Two-Income Trap,” has studied at great length how banking abuses have harmed U.S. families. The middle class sinks ever deeper into poverty, borrowing just to keep up with expanding bills and compensate for stagnant salaries. The Consumer Financial Protection Bureau’s goal is to unify the following seven federal agencies, per the Federal Register:

• Federal Reserve Board of Governors
• Federal Deposit Insurance Corporation
• Federal Trade Commissioned
• National Credit Union Administration
• Office of the Comptroller of the Currency
• Office of Thrift Supervision
• Department of Housing and Urban Development

Until now, none of these agencies had consumer protection as the primary agenda. Warren believes the middle class needs an advocate, and the Consumer Financial Protection Bureau will serve to help stem the tide of personal bankruptcies.

“The numbers are sobering,” Warren said at a Feb. 23 Chicago lecture. “Since the late 1970s, (personal) bankruptcy filings have doubled and doubled again. Women have been hit particularly hard. Over the course of 20 years, the number of women filing bankruptcy petitions increased by 662 percent. By the early 2000s, a woman was more likely to file for bankruptcy than to graduate from college.”

Support the Consumer Financial Protection Bureau

According to the Consumer Federation of America, the CFPB will play a major role in making sure that consumers are not abused by such things as subprime credit cards, which bear high rates and fees; bank overdraft loans, which have astronomical interest rates; military loan companies that attempt to operate outside the boundaries of federal regulation requiring a cap of 36 percent APR; and the most unscrupulous payday advance loan outlets, where fees can become excessive.

As John Wasik writes for Reuters’ Prism Money blog, consumers should be paying attention to what House Republicans are trying to do to the Consumer Financial Protection Bureau.

“I believe everyone with a credit card, bank loan or savings account needs to back Warren now,” writes Wasik. “Contact your senators and congressmen and urge them to leave the bureau’s funding alone, which is tied directly to the budget of the Federal Reserve.”

Sources

Consumer Federation of America

Federal Register

Huffington Post

Reuters

‘I’m not here to support criminal schemes,’ said Rep. Maxine Waters

The Kentucky capitol building was alive with debate as House Bill 182 went down in defeat. (Photo Credit: CC BY-SA/Peterfitzgerald/Wikitravel)

Kentucky lawmakers who stood behind House Bill 182 are now wallowing in the agony of defeat, reports the Louisville Courier-Journal. The proposed legislation that would have cut the APR payday lenders may charge to 36 percent was voted down 13-10 in the Kentucky House Banking and Insurance Committee. Military loans remain capped at 36 percent APR, per federal law.

Payday loan companies will remain open

Louisville Democrat Rep. Darryl Owens, who served as the sponsor of House Bill 182, compared the payday loans bill to a cooked piece of meat.

“It’s done. You can stick a fork in it,” he said.

Despite numerous extant studies that illustrate that payday lending is much less expensive than comparable alternatives and that a legitimate, non-exploitative market for the product exists, Rep. Owens and others cling to the belief that payday loan interest rates are “obscene.” While it may be true that some people who use payday loans are in difficult financial straits, industry surveys indicate that not only do most users have sufficient income to repay their loans in a timely fashion, but defaults and rollovers are rare.

Kentucky disagrees with Rep. Owens and company

House Bill 182 would have been “a job killer,” said John Rabenold of the Kentucky Deferred Deposit Association, a payday lending industry group. An APR of 36 percent on payday loans would only generate a single dollar and change in profit for every $100 loaned. After a payday loan business takes care of its operational and salary expenses, such “profit” is negated entirely. The bulk of the roughly 650 payday lending outlets in the state would be forced to shut down, which would cost Kentucky as many as 2,000 jobs. No politicians who plan to run for office again want that on their resumes.

The need for payday loans in Kentucky

Consumers whose access to traditional credit has been restricted because of credit history will inevitably experience financial shocks from time to time, particularly when emergency expenses arise. From medical bills to car repairs, the need for quick cash from payday loans exists. Democratic Rep. Jim Gooch told the Courier-Journal that he feared lack of access would leave Kentucky families without access to money during just such an emergency.

Source

Louisville Courier-Journal

Many active-duty servicemembers are facing even tougher financial realities if they bank with JPMorgan Chase. Image: Flickr / troismarteaux / CC-BY

JPMorgan Chase is facing tough questions about its treatment of servicemember finances. JPMorgan Chase has foreclosed on many active servicemembers’ homes under questionable circumstances. Now, Chase is re-thinking how they handle active duty servicemembers’ student loans.

JPMorgan Chase and active service members

JPMorgan Chase is a mega-finance bank that provides financial services such as student loans, mortgages, checking, savings and lines of credit. Congressional committees and federal prosecutors are both investigating how JPMorgan Chase has handled the finances of active-duty military service members, including military loans. The accusation is that Chase is overcharging active duty servicemembers.

Student loans for service members

Active-duty servicemembers who have their student loans through JPMorgan Chase received surprising news over the last few weeks. Their student loans, which had previously been deferred, were coming due. The policy of JPMorgan Chase had been to defer all student loans while military members were on active duty. This short term loan policy was reversed in late January 2011. Some servicemembers were informed that they would owe over $400 per month extra, starting in just weeks. After multiple complaints from servicemembers saying they would need to take out a payday loan to cover these costs, and the threat of additional congressional inquiries, Chase re-reversed the policy.

Congressional inquiry into Chase mortgages

JPMorgan Chase was the subject of an ABC News investigation that kicked off congressional inquiries just a few weeks ago. Chase has admitted that they overcharged and wrongly foreclosed on several service member’s homes, including homes in Reno, Nevada and Irving, Texas. These actions, and possibly the student loan policy, may violate the Servicemembers Civil Relief Act. The act limits the legal and financial actions for which servicemembers can be held responsible while they are on active duty.

Sources

MSNBC

Things like recent gains for financial services giant Dollar Financial prove that demand for services like payday loans isn't diminishing. Image from Wikimedia Commons.

Recent earnings gains for financial service giant Dollar Financial Group indicate demand for payday loans and other services hasn’t diminished. Alternative financial service providers, or AFSPs as they are called, have a long history in the U.S., and indeed, throughout the world. The company, which offers check cashing, money orders and pawn loans as well as cash advances, is having a banner year.

Dollar Financial among largest payday loan lenders

Dollar Financial Group is one of the largest among corporate payday loans lenders, although that isn’t the largest of the company’s offerings. Payday loans and cash advances only make up 50 percent of how the company makes a pay day, with the other half being from check cashing, pawn loans, military loans and other financial services. Out of the largest global alternative financial services firms that are publicly traded on the market, Dollar Financial realized the greatest gains this quarter. Profits were $28.7 million this quarter with only 15.2 percent of loan revenue being lost, though payday advance loans are only 9 percent of its business in the U.S., according to MSNBC.

Demand for services like payday lenders are constant

There will always be a demand for alternative financial services, like payday loans, short term loans and check cashing outlets. Granted, the demand isn’t as huge as one might think. People who don’t use banks for their every financial service need fall into two categories, according to the FDIC and the Federal Reserve. There are the “under banked,” who use alternative financial services but have bank accounts, and the “unbanked,” who have no bank account whatsoever. The underbanked amount to just under 18 percent of the U.S. population, and the unbanked make up around 10 percent.

The demand will remain

Alternative financial services have a long history. Pawn lenders and short term loan lenders, like payday lenders, have been around in some form since before the Roman Empire existed. Obviously, with evidence like the booming business in companies like Dollar Financial, demand is not going away. You can read more in the Payday Loan Fact and Statistics Report on Personal Money Market.

Get cash today

When you need a loan, it’s quick and easy to apply at Personal Money Market.

• Online application is private and secure
• Cash is often available in as little as two hours
• Credit checks are rarely required
• Bad credit and no credit are okay
• Bankruptcy is okay
• Military loans are available
• There’s typically nothing to fax
• You won’t be kept waiting and wondering
• It’s hassle-free!

Pay it back on payday

Most online payday loans are paid back automatically on your next payday. A single-payment loan is an ideal way to get back on track when you know you can get by on your next paycheck after repaying a cash advance. If you need to make smaller payments over a longer period of time, payday installment loans and installment loans for bad credit may be better options. Whichever you choose, when you use an online loan to get extra cash until payday, you know right up front how much you owe and when it will be paid back.

Use your cash advance like a credit card

When you’re short of cash until payday, it makes good sense to get a payday loan rather than rely on credit cards. If you’ve ever used a credit card, you know how easy it is to charge more than you should. It can take months or even years to pay off the balance, and when finances are already tight a long-term monthly obligation is the last thing you need. If you want to make electronic or online purchases, avoid overspending by funding your bank account with a quick loan and then using your debit card.

Find the best payday loans

When you need extra cash until payday, you need it right now. Save valuable time by applying at Personal Money Market where one short application instantly finds the best payday loan for your individual needs.

Need cash until payday? Apply HERE!

What is a payday loan?

A payday loan is a short-term loan that is made to meet a borrower’s financial needs temporarily. The loan is usually paid back with their next paycheck. These loans benefit people who are in need of money right now.

How much cash can I get?

You can get payday loans of up to $1,500. The amount you will get, however, will be based on the information you put on your loan application. Be sure to provide accurate information on your application, so you can have a better chance of approval.

What are the requirements for payday loans?

1. Must be 18 years old to apply
2. Have a valid Social Security Number
3. Employed for at least three months and actively working
4. A valid United States citizen
5. Provide current U.S. address

Can I get this loan if I am in the Military?

Yes, Personal Money Market can even help find you the best military loans available.

How long is the application and loan process?

A loan application generally takes 2-5 minutes to fill out. Once you complete and submit your application, a message should pop-up on your screen to notify you of your status, so pay close attention.

If I have questions, can I contact the loan company?

Yes you can. Just visit the contact page on their website. It will have all the information you need concerning their location online and off.

Where can I get advanced payday loans?

A short convenient loan application is located right below this article, where you can begin the process.

Apply for advanced payday loans today!

Personal Installment Loans With Bad Credit Are Easy to Get

The economy will recover and credit will flow again. At that time, you may not need to rely on loans just to get by. But until that time, do not hesitate to use personal loans for bad credit to stay afloat.

Bad Credit is okay

1. Application time takes just minutes and is hassle free
2. Information is safe and secure
3. Money in checking account in as little as 2 hours
4. Generally no credit checks
   
5. Bad credit okay- Poor credit okay
6. Bankruptcy is okay
7. No faxing
8. Members of military okay

Hassle-free, quick loan applications – 2 minutes or less

The time it takes to complete an application can be less than 2 minutes. When you click the apply button, you will be happy to note that the application form is streamlined to just the very necessary information. It is quick and easy and hassle free.

Safe, secure, protecting your info

Your chances of getting your identity stolen are slim to none when applying on a safe, secure site for  these loans.

Money in your checking account in as little as two hours

The lenders direct deposit your loan in as little as 2 hours. In most cases, the money is spendable immediately.

There are generally no credit checks

Generally, this means no inquiries on your credit report. The less credit report inquiries you have on your record the better, especially if you are trying to rebuild credit.

Bad credit, poor credit OK

It doesn’t matter if you have bad or poor credit, since no credit checks are done normally. Personal Loans are available to all who qualify in spite of credit history.

Bankruptcy is okay

Most lenders do not even ask if you have a bankruptcy in your past. That means Personal Loans are available to most who qualify in spite of a past bankruptcy.

No faxing of documents

Social security cards and driver’s licenses are required by most walk-in lenders. In most cases, our lenders do not require faxing, scanning, or emailing of any documents. Avoid hassles by applying online on this website now.

Members of the Military can get these Loans

Members of the military have a hard time getting loans. Our site has lenders who will lend to members of the military and their families.

Start Your Personal Installment Loan With Bad Credit Application Below

Lt. Dan Choi has been an active and outspoken gay-rights activist. Image from Flickr.

Just outside the White House today, openly gay Iraq veteran Lt. Dan Choi and others were arrested while marching to the White House after a Human Rights Campaign rally. No word yet if group members will be getting quick loans to bail out Lt. Dan Choi or the other arrested individuals. The group was marching on the White House in support of repealing the Don’t Ask, Don’t Tell policy that discharges openly gay men and women from the military.

Lt. Dan Choi arrested

Lt. Dan Choi was arrested earlier today by the United States Park Police, and he and Jim Pietrangelo were charged with failure to obey a lawful order. Both Lt. Choi and Pietrangelo are scheduled to appear in the D.C. Superior court tomorrow. Both Lt. Dan Choi and Jim Pietrangelo are openly gay. Pietrangelo has been discharged from the military under Don’t Ask, Don’t Tell; Lt. Choi’s discharge is “pending.”

Lt. Dan Choi has been outspoken against Don’t Ask, Don’t Tell

Lt. Dan Choi originally revealed his sexual orientation on “The Rachel Maddow Show.” Soon after that show, he received a discharge letter from the U.S. Military. His open letter to the President and Congress made international headlines. Since then, Lt. Dan Choi was one of the founding members of Knights Out, an organization of West Point alumni who support LGBT (Lesbian, Gay, Bisexual, Transgender) members of the military being able to serve openly. Lt. Choi has also spoken at numerous gay rights events.

The history of Don’t Ask, Don’t Tell

The policy that Lt. Dan Choi and other protesters were marching against today is referred to as “Don’t Ask, Don’t Tell.” Officially federal law Pub.L. 103-160, Don’t Ask, Don’t Tell prevents any openly gay person from serving in the U.S. military while allowing closeted LGBT individuals to continue serving.

The current military loans several hundred gay servicemen and servicewomen time to complete their service, as long as they do not reveal their sexual orientation. As the New York Times reported earlier this month, a bill has been presented in Congress that would repeal this policy and allow openly gay members of the military to continue serving their country. The U.S. Military is currently conducting a review in conjunction with congressional hearings on the issue.

Lt. Dan Choi’s arrest started at a Human Rights Campaign rally

The march that Lt. Dan Choi led to the White House today was not pre-planned. According to The Advocate, Choi reportedly crashed a Human Rights Campaign rally and asked attendees to march with him to the White House. The president of the Human Rights Campaign, Joe Solmonese, did not join in the march. The HRC did release a statement about Lt. Dan Choi’s arrest:

“Today more than 1,000 people showed up at a rally — 500 of which signed up to become more involved in the fight to repeal ‘don’t ask, don’t tell.’ Joe Solmonese along with (gay Iraq war veteran) Eric Alva and others felt it was important to stay and engage those at the rally in ways they can continue building the pressure needed for repeal. This does nothing to diminish the actions taken by Lt. Choi and others. This is the nature of social change and everyone has a role to play.”

See video of the protest where Lt. Dan Choi was arrested

The Ohio State shooting highlights the challenges of keeping students safe on campus. Image from Flickr.

Students at Ohio State woke up this morning to news of yet another shooting, this time on their own campus. CNN reports that the 51-year old custodial worker Nathaniel Brown is responsible for the Ohio State Shooting. Students, many of whom are paying for tuition with a low rate personal loan, are attending classes today.

Ohio State University shooter was unhappy at work

Much like the University of Alabama shooting in February, the Ohio State shooting is theorized to be the result of an unhappy employee. Nathaniel Brown had recently received a negative performance review and was on probation. His manager was killed in the attack, and an operations shift leader was also injured and is now in stable condition. The attack happened at 3:30 am, when there were very few people in the building and most students were asleep. The attack appears to have been very targeted at the Ohio State University employee’s supervisors.

Ohio State University emergency alert system

On Sunday, the Ohio State University student newspaper, The Lantern, published an campus news piece about the “opt-in” alert system for alerting Ohio State students of crimes. When the system was created, students had to opt in to receive the alerts, though officials are now considering making the system opt-out instead. In a single week, three separate major crimes were announced through this system. By informing students, Ohio State University is hoping that students will be able to help keep themselves and the campus safer.

Keeping college students safe

The Ohio State shooting raises larger questions, too, about how to inform college students of emergencies. Most college campuses are very spread-out, sometimes with hundreds of thousands of students over campuses that are several square miles. Alerting students on campuses like Ohio State’s of emergencies can be difficult. Some campuses still use loudspeaker systems, while others are turning to text messages, emails, and website announcements. No matter what the system, it is becomingly increasingly important that all people on a campus are informed as quickly as possible of emergency situations and crimes. Keeping any campus safe is difficult – balancing the needs of student freedom and campus safety even more so. While some would like to see military loans of personnel at every campus, having an informed and prepared student body is a much more realistic step towards keeping college students safe.

Drawing of Casimir Pulaski from Flickr.

Every day on the calendar marks some sort of holiday or another, and today is Casimir Pulaski Day. Many made up holidays celebrate food, drinks or customs such as talking like a pirate. A lot of these are dreamed up by manufacturers of certain products to promote sales. Perhaps we should create National Online Cash Advance Day? Casimir Pulaski Day is a different sort of holiday. Casimir Pulaski Day is a legally recognized holiday in just a few states, where there are varying degrees of observance.

Who was Casimir Pulaski?

On the first Monday in March, Illinois, Wisconsin and Indiana recognize Casimir Pulaski Day. Casimir Pulaski was a Polish immigrant to the United States who served as a general in The American Revolutionary War under George Washington. According to Wikipedia, Casimir Pulaski saved George Washington’s life, but there aren’t any further details.

Casimir Pulaski was quickly recognized as a brilliant military tactician, and he became Brigadier-General in charge of Four Horse Brigades, according to Pennsylvania’s Polish-American Center. It’s generally believed that certain states recognize Casimir Pulaski Day because of their relatively large Polish immigrant populations.

Father of the American Cavalry

Casimir Pulaski is perhaps most widely recognized for his contributions to the inception of the American Cavalry. The Polish-American Center writes that “in 1773, through Washington’s intervention, Congress approved the establishment of the Cavalry and put Pulaski at its head.”

This earned Casimir Pulaski the title many use to recognize him today, “the father of the American cavalry.” According to the PAC, even when military loans weren’t available, he insisted on the best for his men:

Pulaski often used his own personal finances, when allocations from Congress were scarce, in order to assure his forces of the finest equipment and personal safety.

Observing Casimir Pulaski Day

Because Casimir Pulaski Day is only a holiday in certain states, no federal services, such as mail, are interrupted. However, Chicago Public Schools and some surrounding districts are closed, and all school districts in Illinois have the option of being closed. The same goes for Wisconsin and Indiana school districts. Also state government buildings in those states are closed today.

Other states, including Kentucky, Pennsylvania, New York and Michigan, observe General Pulaski’s Day on Oct. 11. Pulaski died from battle wounds he received during the Siege at Savannah on Oct. 9, 1779. Many Polish-Americans also consider General Pulaski’s Day and Casimir Pulaski Day a celebration of their heritage.

After fighting hard for this country, no service man or woman should be at a loss when they need to borrow money. Therefore, Personal Money Market helps this country’s heroes to access military loans fast and easy online. Whether the need is for emergency money, cash until payday or to consolidate bills, a low rate personal loan can help.

The Specifics of Military Loans with Personal Money Market

Personal Money Market is not a lender. Rather, we help match you with a lender within our network that is perfect for your situation. In doing so, you save time in searching for the right place to borrow money. Our application for military loans takes only a few minutes to complete online and the process of pairing you with the right lender takes place almost immediately afterwards. In less than five minutes, you can apply for and be approved to borrow money in amounts up to $1,500. Other benefits of military loans include:

• No credit check
• No application fees
• No faxing required
• Installment loans are available for active or retired military personnel

Your One Stop Shop for Military Loans is Right Here

Though a plethora of payday cash advance lenders offer short-term loans, easy access to a network of fast cash lenders makes Personal Money Market the best one stop shop for military loans. You need cash now, so there is simply no reason to waste valuable time wading through offers for military loans to find the perfect fit now that you’ve found us to do the grunt work for you. After valiantly serving in the armed forces, we don’t believe that you should have to spend hours on the Internet searching for places to borrow money when a serious need arises. Therefore, we exist to do our part to make your life easier. We work hard to match America’s heroes with the right military loans, because we believe it is the least that we can do after everything you’ve done for us.

Start your Military Loans application HERE!

Image from Flickr.

This holiday season is going to be a tough one for a lot of people. So many families are struggling economically, and fewer people are donating to charity. This has hit Operation Homefront especially hard.

Operation Homefront is a charitable organization that helps military families. Requests for assistance from Operation Homefront are a ridiculous 86 percent higher than last year. Operation Homefront also reports that there has been a large drop in cash donations.

Strapped for cash

Though members of the military can qualify for military loans, it’s getting tougher to afford everything, including paying back those loans. USA Today reports:

Although active-duty troops can count on a regular paycheck from Uncle Sam, many military families face the same pressures affecting other Americans during this downturn: Spouses are having difficulty finding work, and mounting debts and foreclosures are forcing them out of rental homes, says John Alexander of the Navy-Marine Corps Relief Society.

One business has already stepped up to help. Wal-Mart will be providing toys to thousands of military parents. Wal-Mart will set up temporary stores outside military bases and give away $1.1 million worth of toys. Operation Homefront will choose 50 families to get $1,000 Wal-Mart shopping sprees.

Give a little

If you have just a little bit of extra cash, you could make a big difference. Small donations can do a whole lot of good, and many organizations are facing the same troubles that Operation Homefront is dealing with. More people need help, but fewer people have help to give.

There are plenty of sites out there that make it fast and easy to give to all kinds of organizations. Check out these sites, and do some good this holiday season. Small donations make a bigger difference than you think. It doesn’t take hundreds of dollars to feed people who don’t have enough to eat. If we all give just a little bit we can help a lot.

• Donors Choose
• Action Aid
• Greater Good
• Global Giving
• World Vision

Personal Money Market can assist you in getting the top-of-the-line loan for your needs in as little as 2 hours. Everyone needs help now and then. Ask yourself these few questions. Do I need cash to help pay my bills, get groceries or an unexpected expense?

• We require neither credit check nor any faxing
• Secure and confidential
• Lenders compete for your business
• Network of Lenders

It is simple to get the loan you need

We have many companies that compete for your business as soon as you call or apply for a loan online. We will require no credit check nor will we require you to fax any necessary documents.

Our network of providers gives you a great chance of getting the desired loan you need instantly. You’ll not have a long wait, but a quick and prompt response without any waiting nor do you need to look for other services.

Nowadays, many people are very busy

On that note, you can apply for a loan right now, or during your lunch break at work, even when you’re relaxing at home. Applying is easy and quick.

Our easy to use web application and our ability to find lenders quickly mean that you will have money deposited to your account very fast and securely into. This is a short term loan you can use for any emergency or because you are in need of extra cash for daily activities

Online payday loan requires no faxing

When you apply for an instant payday loan, the payday application data will be stored utilizing the latest data encryption and security measures. You can rest assured that your personal information will be kept very confidential and safe in our systems.

Personal Money Market understands that there are times that you need cash for emergency situations. The best thing about using our online service is not having to go out looking for one. We are here to assist you online.

Apply now for a short-term payday loan!

Once you are an approved payday loan applicant, you will be informed immediately that you qualify for a payday loan.  The only agreement is between yourself and the approved lender; and not Personal Money Market. Please always read any necessary agreements you will receive from your lender carefully.

Apply HERE for a Payday Loan Online

(photo courtesy of photozou.jp)

Thinking of joining the military? Pay attention, because when you’re in the military, you can be approved for short term loans (payday loans for those in the military) even when traditional banks will not lend to you. Military loans are designed exclusively for those who serve in the military, regardless of the division they serve in. With this benefit, you won’t have to run around trying to get your hands on some much-needed extra cash. But please, do not join the military just to get a loan. If that were your only reason for signing up — well, let’s just say you wouldn’t last too long in the service!

Why is this benefit available?

Enlistees look for incentives in addition to their regular salary. These loans fill that need. They’re readily available online, which makes them accessible from wherever you ‘re stationed, anywhere in the world. The loans range from $500 to $10,000, which you can use for any purpose, from home renovation, auto loan, or weddings to payment of  long-standing debts. No collateral is required and the loans are available to all who serve in the military, even those who have bad credit.

Who is eligible?

Anyone who currently serves in the active forces is eligible to apply for a military loan. However, if you are retired or have transferred to the reserve forces, you are not eligible for these loans. Once you have applied, you can be approved in as little as 24 hours. To apply, it does not matter where you are stationed, but you must have a permanent address in the United States for the loan to be approved. So, if you have a spouse or other family in the States, you cand use that address.

How do I apply?

You can apply online at one of the many sites that offer this service, and your application can be approved within 24 hours . Once approved, your money can be transferred to any bank account you may have, either in the States, or where you are stationed. You may also request a check to be mailed to you at the Army Post Office.

Is my personal information secure?

When you apply online for a loan, your information will be safeguarded in accordance with military loan privacy policies. In addition, there are no prepayment penalties for military loans. When applying, you must provide details of when you joined the service, your unique military service ID, as well as a few other personal details.

How much can I borrow?

Military loans are calculated according to your rank and length of service. Officers are eligible for higher amounts than enlisted personnel, but if you are an enlistee and have served longer than an officer, you may end up getting the same amount as the officer. It all depends on your particular situation. Payments on  the loans can be directly withdrawn from your bank account, which helps to minimize the risk of default. This easy and secure repayment method is one of the reasons so many private institutions and banks offer military loans.

Apply for payday loans even if you are in the military HERE.

Do military loans put personnel on a collision course with financial catastrophe? (Photo: flickr.com)

Payday loans come in a variety of packages for consumers, and that includes those who are active members of the military. They’re called military loans in that instance, and they can be quite useful to military personnel who have had difficulty obtaining loans from banks and credit unions. While a variety of underwriting decisions could factor into such rejection, the fact that many military members who borrow are young and do not have established credit histories would appear to be the most obvious.

Military Loans are Highly Regulated

In October of 2007, the Department of Defense imposed a 36 percent APR cap on military loans to personnel and their family members. Considering that young military families must pick up and move frequently and are often on the lower end of the military pay scale, financial shocks do occur. Spending habits are clearly an important factor in whether a military family faces financial calamity, a factor that can lead to a need for military loans should the family budget fail to stretch between paychecks.

Do Military Loans Hamper Military Readiness?

That’s the question the study “In Harm’s Way? Payday Loan Access and Military Personnel Performance” by Scott Carrell of UC Davis and Jonathan Zinman of Dartmouth College and the Federal Reserve Bank of Philadelphia poses. Their study was conducted before the implementation of the 36 percent APR cap, between 1996 and 2007. U.S. Air Force airmen were the focus, but the authors claim there is no obvious reason to suggest that conditions would be appreciably different for other service men and women.

The authors suggest that the availability of military loans before the 36 percent cap correlated to a decline in military readiness of personnel, but it seems to this reviewer that the number of variables is much too great to affix the blame solely upon military loan businesses. There are so many possible psychological and educational variables in play that the mere presence of legitimate businesses within a military community (or online) couldn’t possibly be the sole cause of financial distress.

Access to High-Interest Debt: “Inconclusive” Affect on Borrower Behavior

Carrell and Zinman preface their work with that admission. So does that mean that we should take their conclusions as mere speculation? I can speculate regarding whether the presence of ice cream in a community contributes to dairy allergies, but that doesn’t mean it is unequivocally true.

In fact, analysis exists which indicates that the presence of military loans and related payday loans has a positive impact upon military personnel and their families.  On average, says Adair Morse in his 2007 study “Payday Lenders: Heroes or Villains?” and Bart Wilson, et al in the 2008 study “An Experimental Analysis of the Demand for Payday Loans,” military loans help personnel handle financial shocks. Dean Karlan and Jonathan Zinman found in 2008 with “Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts” that access to payday loans contributes to job retention. And it should also be noted that the 2008 Federal Reserve Study “Payday Holiday: How Households Fare After Payday Credit Bans” by Donald Morgan and Michael Strain indicates that families (military or otherwise) who experienced financial distress were able to obtain greater budget liquidity to alleviate the distress thanks to military loans and payday loans.

So Where’s the Connection Between Military Loans and Lack of Military Readiness?

Carrell and Zinman claim to have found “significant average declines in overall job performance and retention and significant increases in severely poor readiness,” which they attribute to military loans. Yet they say that “the welfare implications for military members are less clear-cut,” which indicates to me that this is more speculation than solid scientific research.

The study authors reference the Pentagon’s belief that military loans “cause financial distress and related distractions.” At the same time, however, they admit that another possible effect of access to military loans is that personnel and families will experience greater financial liquidity, which in theory enables them to invest in outside areas (greater opportunity in the private sector) that could make re-enlistment less necessary for personnel. That could then be a technically positive factor that skews the results of Carrell and Zinman’s rather negative study.

But Here are Their Findings

The authors suggest that airmen become “significantly” less eligible to re-enlist (by 1.1 percent). They find that military loans also contribute to poor readiness (more unfavorable information files present for personnel in areas where military payday loans are available). But they undercut their findings with the admission (once again) that “our data do not permit sharp tests of the welfare implications for military members.”

It seems likely that the youth and inexperience (as well as the transitory lifestyle) young airmen and their families are forced to live would have a greater effect on the financial burdens they face and their spending habits. Using military loans could simply be a means to an end for dealing with the shocks. As the military provides financial education to their members and their families – particularly since the 36 percent APR cap – using military loans irresponsibly should be a less likely occurrence.

We Aren’t Talking About Large Loans Here

A standard military loan amounts to anywhere from $100 to $300 in the authors’ study. The market rate was $15 per $100 loaned (a common rate found now), so the final cost would range from $115 to $345. Higher rates are charged at some lenders, however. But the more expensive substitute – overdraft protection, according to multiple sources – can prove to be an even greater financial burden. The APR charged can be hundreds of percentage points higher, depending upon the bank.

Military Loans and Being Fat

I found this interesting. One of the factors Carrell and Zinman found could appear on an airman’s profile that indicates lack of military readiness is weight problems. According to the U.S. Air Force, personnel must be physically fit enough to perform their duties. Among their military loan sample, the authors found that as much as 3.3 percent were enrolled in a Weight Management Program (WMP). This varies depending upon the length of service for personnel (first, second or third term; 3.3 percent came from the second term of enlistment).

Does this mean that military loans make airmen unfit because it makes them fat? I find that to be a laughable assertion. Education about diet and exercise correlate greatly to personal weight in every study I’ve seen. Not having access to more money via military loans or otherwise seems an unlikely correlation. Fast food consumption tends to be greatest among those with less money and overall education, which leads me to believe that education would have a similar impact upon one’s financial decisions (both health and money choices can be impulsive, but education lessens this likelihood).

It’s the State of Their Communities

In general, Carrell and Zinman find that Air Force bases in more distressed areas (where unemployment is greater) tend to be more prone toward dependence upon consumer credit like military loans. Areas with more positive employment numbers show a lesser dependence. This could link toward greater financial experience and education in those areas, which seems obvious to consider. Yet the authors tend to gloss over this potentiality.

Military Loans are a Tool. The User is the One Responsible

It’s impossible to get around the fact that Carrell and Zinman admit that “the social welfare implications of our results are less clear-cut.” They claim they support the Pentagon’s findings that military loans and payday loans damage the quality of life for military members and their families, but factors of education, psychology and the rigors of military life itself deserve greater study. Are these factors more accurate determiners of whether military families face financial distress? It seems that more study in these areas is called for.