Advance America to Halt Military Payday Advances
By J.J. CameronPayday Loan Writer
According to Advance America, military payday advances make up less than one perfect of the loans it doles out.
Nevertheless, the nation's most well-known payday loan company said Monday it will "voluntarily refrain" from making any cash loans to active, full-time members of the military, effective Oct. 15 except where prohibited by law.
The company said it is taking this step to "remove any perceived distraction to members of the military during this critical time for our country."
Congress held a hearing last week to consider a Defense Department request to cap rates charged on no fax payday loans to American officers in an effort to keep soldiers, sailors and airmen from incurring extensive debt. Some senators called payday lenders "predatory" for targeting military personnel.
It's an impressive, public relations friendly move for Advance America to take this step. It may show some critics that not all cash advance companies are evil.
