Military Needs its Daily Dose of Payday Loans
Here’s a bit of news, which will make payday lenders go, “I told you so”. Well, while the world thinks they are usurious and have a debilitating effect on people, there are others who think payday loans are not so bad after all. Some of them even advocate the need to allow military personnel access to payday loans.
A recent study funded by the Consumer Credit Research Foundation, a non-profit research group, found that military enlisted personnel have the same short-term credit needs as their civilian counterparts. So it follows that they should not be denied access to payday loans and other short term credit products. This report effectively refutes recent calls for the Department of Defense to limit the access of military personnel to payday loans. According to the report, any attempt to stop payday loans and other forms of credit could have unintended consequences. So the best thing to do is make the market more competitive so that the soldiers get a reasonable bargain.
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