New Site Advises Navy Members Against Payday Loans
By J.J. CameronPayday Loan Writer
You’ve read about military payday loans and why they’re often considered detriments to those hoping to benefit from them. The Navy has recently launched a website echoing this sentiment.
NavyMoney.com is meant to offer advice to members of the United States Navy. It’s an alternative to the Navy Federal Credit Union. The site is aimed at giving financial advice - do you apply for a cash loan? What are the drawbacks? - to those entering the military.
Information included in the Website includes articles and links to help sailors establish and maintain good credit while enlisted. The service offers advice on:
- Building credit
- Establishing loans for property and vehicle purchases
- Repairing bad credit
- Qualifying for credit and educational opportunities for military personnel
“I remember the hard times I had coming up through the ranks while trying to live and have a little fun on my salary”, says Jared Croslow, owner of NavyMoney.com. “If I can help other sailors by providing the resources to make it easier, then I have succeeded in my goal.”
The site also provides many valuable resources pertaining to credit. It includes information on the importance of diversifying credit from the Navy Federal Credit Union.
There is also insight on automobile and motorcycle loans, VA loans, credit card debt and alternatives to payday loans. The suggestions offered in the site will help sailors apply for the loans and credit with the highest potential for approval.
April 27th, 2006 at 2:39 pm
[…] While some sites and/or groups are against the use of military payday loans, a recent study supports the use of these types of cash advances. The Consumer Credit Research Foundation, whose work has focused on the payday loan lending industry, argues that military personnel, do not have strong enough credit backgrounds to access prime credit alternatives. […]