Senators Speak On Payday Loans Granted To Soldiers
Senators Speak On Payday Loans Granted To Soldiers
Pfc. Jared A. Stocks applied for a quick loan. He needed the money to get a plane ticket to visit his grandfather who is sick with cancer.
He was able to get the money quickly through the payday loan lender from Montana. The amount released was $500.
He agreed to the terms set in the loan without carefully analyzing the bad effect of it on his financial situation. The interest was 360 percent .This means that for his $500 loan, he has to make a total payment of $1,080.
Pfc. Stocks said payday lenders are taking advantage of his urgent need through granting loan with very high interest. His wife Mrs. Stocks said, said these lending facilities can destroy a family by ruining its budget.
In the community meeting on Friday afternoon, this case of Pfc. Stock was seriously discussed.
Sen. Kirsten E. Gillibrand, D-N.Y., and Holly Petraeus of the new Consumer Financial Protection Bureau were the speakers in that meeting. They both travelled to speak in many military installations of the state.
They discussed several issues and inform the soldiers of the available resources they have in their offices for the purpose of granting loans for home, college and consumer needs.
According to Mrs. Petreus, the Military Lending Act limits the interest rate at 36% percent on the loan they provide. Although the regulations on this are in place, there are still some loopholes that have been noticed, said Mrs. Petreus. That is why they are doing reviews to correct some rules.
Sen. Gillbrand strongly criticized these lenders who are taking advantage of soldiers and their families when they need immediate cash. What they have done caused these soldiers and their families to suffer much.
Mrs. Petraeus is encouraging other soldiers who have the same experience with Pfc. Stocks to tell their stories and file complaints to her office. They can do it through the bureau’s website at www.consumerfinance.gov.
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