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Did you know that predatory payday lenders who target military personnel are scamming our troops, especially at the junior enlisted ranks? These loan schemes include pawnshops, rent-to-own and high interest credit cards. Payday loans are particularly onerous and can result in fees of $1,000 or more on a 6-month, $500 loan!

That’s right, the brave men and women who join the armed forces to defend our freedoms are all too often ill equipped to deal with personal financial issues. They are pulled in by unscrupulous lenders who set up shop right outside military gates, luring unsuspecting service members with offers of easy short-term credit. Before long, the service member finds him or herself deeper and deeper in debt, unable to find a way out. Financial pressures can compromise fitness for duty, lead to a denial of security clearances and place tremendous stresses on families.

The Pentagon Federal Credit Union Foundation is fighting back against predatory payday lenders by providing our troops with free credit counseling, debt restructructing, low-interest loans, and other services that enable them to escape the grip of payday lenders.

Your tax-deductible donation will help give the Foundation the critical resources it needs to fund this and other urgently needed programs.

Effects of Predatory Lending

Personal financial problems exist throughout the junior enlisted ranks. Illustrative of this is the pervasiveness of financial predators who frequent military installations with offers of payday loans and other services which drain the military personnel of much needed cash.

Commanders observe that if a service member is having financial difficulties, s/he is not focused on meeting military responsibilities, thus compromising the overall combat effectiveness of the unit. Recent reports have estimated that over 60% of security clearances denied or revoked have been because of financial problems.

ARK (Asset Recovery Kit) is The Pentagon Federal Credit Union Foundation’s approach to finding a solution for service members and their families caught in the quicksand of payday lending.

 

Learn More About Payday Lending
Learn More About ARK