Payday Lenders Undermine Country’s Military Readiness: Military
A recent report on predatory lending by the Department of Defense provides evidence that there is a high concentration of payday loan outlets at the entrances of military bases around the country. According to the report, military personnel are several times more likely to use payday loan outlets than other segments of the population. Rtohq.org reports:
"Predatory lending undermines military readiness, harms the morale of troops and their families, and adds to the cost of fielding an all volunteer fighting force. Education, counseling, assistance from aid societies, and sound alternatives are necessary but not sufficient to protect service members from predatory lending practices or products that are aggressively marketed to consumers in general and to military personnel directly."
Read more: Department of Defense report on predatory lending includes rent-to-own
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