Payday Loan Lowdown

Payday loans are a painful reality. It helps if you have one around but they can also cause your destruction if you are not careful. In other words, a payday loan is the proverbial double-edged sword. It is a fact of life in America today that we don’t have enough money to meet our needs. And while regular folks like you and me are affected, it becomes a problem with national dimensions when it involves our soldiers.

Since it has become such a problem among the armed forces, the federal government is looking at ways to protect soldiers from payday loans. So, is there a way in which we can get the benefits of a payday loan without the problems associated with it? There is one solution that has been around for quite some time now but has not received the attention it should: credit unions. Rdunews14.com reports:

Fort Bragg Federal and Pentagon Federal Credit Union offer ARK loans, which stands for Asset Recovery Kit. It’s a no-interest loan of up to $500, and there’s a one-time $6 fee. If someone takes out more than one loan, they have to go to credit counseling.

Read more: Credit unions offer payday loan alternative