A Military Payday Loan Story
By J.J. CameronPayday Loan Writer
Why have military payday loans managed to gain the support of both political parties? Perhaps an inside look at one soldier's battle with them will reveal the basis.
Charles Brown, a former airman at Cannon Air Force Base, said he found himself in financial trouble when the use of payday loans online became a vicious cycle in his life.
Brown entered the military with bills. Therefore, he turned to payday advance providers to stay afloat. It was a mistake.
“Once we got everything taken care of and paid off, things would be fine, and something would happen and there would not be enough money to cover something, so we’d do it again. It’s just a repetitive cycle that seems to never end,” he said.
The fast payday loans piled up and piled up. There were too many of them. Slowly paying off the debts acquired during the past four years, Brown said, “Everybody says, hey, Friday’s payday. I say, yeah, it’s payday and I go to town (to repay the loan). I spend my whole check before I realize I’ve even gotten it. Where’s the reward in that?”
It's easy to see his point - along with that o the Pentagon, which recently recommended that this issue receive a close look by Congress. It's in that stage now, and the future of cash advance loans to the military may be in danger.
