Payday Loan Lowdown

This had to happen. I mean how long can an industry take the badgering meted out to it and not retaliate? And for what? Lending money to adults who can vote, who can marry, procreate but don’t know how to take care of their finances? I mean this whole thing is getting out of hand. The country first makes us believe that we live in a free world where all our decisions are our own and that we must suffer from the repercussions if our decisions are bad. And then when a few guys go and make a mess of their finances, the government, Defense Department, Pentagon and who-knows-what-else step in and paint the lender black. Not fair I say!

So finally, somebody had the gumption to stand up to these bullies. Sorry guys, got carried away — I am referring to a recent decision by Advance America, Cash Advance Centers to cut off loans to active military personnel. Thestate.com reports:

The new policy, which takes effect Oct. 15, comes after the Department of Defense released a report last month that stated payday lenders target military personnel and that predatory lending undermines military readiness and harms morale. Ken Compton, chief executive of Advance America, said Monday the policy is intended “to remove any perceived distraction to members of the military.” His company maintains it does not market to military personnel.

Read more: Company ends military payday loans