Armed Forces Bank
The Armed Forces Bank offers unsecured consumer loans to military personnel that can be used as an inexpensive alternative to payday loans…
According to president Don Giles:
- loan amounts are limited to one month’s pay
- military personnel can take up to 24 months to repay
- the APR (annual percentage rate) is 18 percent
From their website:
Armed Forces Bank specializes in military banking and has been serving active military, retired military, and civilians since 1907… Our customers receive competitive loan rates and, in many cases, same day loan approval.
Armed Forces Bank (External Link)
(http://www.afbank.com/)
Source: Lawmakers Urge Payday Loan Alternatives – Service Members Hit Hard by High Rates by Karen Jowers (Army Times)
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