Navy sounds red alert on payday lenders
The Navy is busy fighting a different kind of enemy and that too on home turf! Sounds intimidating doesn’t it? Well, that’s how the Navy is reacting to payday loans. According to the commanding offcer of the Naval Base Point Loma: they are going to ‘defeat the predators’. These payday lenders have made a huge dent into the financial stability of military members and their families. These shops, identifiable by their big signs and attractive offers, are sprouting up all over the region outside the gates of Navy and Marine Corps bases.
The problem has now gotten so bad that it can no longer be ignored and needs to be dealt with on a war footing. And that is exactly what the Navy plans to do. One of the ways it can do this is by helping Sailors to become knowledgeable about the financial resources available to them that are designed to help them out. Navycompass.com reports:
"Congress appropriates millions of dollars, and we have millions more in volunteer-donated dollars that are designed to help Sailors in financial need," said Capt. Mark Patton, commanding officer of Naval Base Point Loma. "It’s not just for a guy in trouble; everybody ought to use these resources because they’re designed to help you build a financial plan. Fleet and Family Service Centers, Navy-Marine Corps Relief Society, and several of the patriotic credit unions in the area are there to help Sailors."
Read more: Navy Preying on Predatory Lenders
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