Online Payday Loans

Truth in Payday Lending

Leonard Toyer

Category: Quotes, Opponent — Friday, August 24, 2007

“If it’s a choice between paying your bills or buying food, pay your bills and then come to us… We’ll help you with that rather than you going to a payday lender and ending up deeper in debt.”

Army Community Service financial counselor Leonard Toyer offers to help military families avoid the high cost of payday loans but many soldiers end up using payday loans anyway…

According to Toyer, over seventy percent of soldiers who do take payday loans are unable to repay them on the due date. He said that soldiers facing financial difficulty are reluctant to come forward and say they use payday loans because units don’t look favorably on these loans and military careers are tied to personal finances.

Toyer also said that soldiers roll-over the loans several times and have difficulty getting out of the hole:

“Generally, unless they come into some kind of windfall where they can plunk a good chunk of money down, they’re stuck… When everything shakes out, you’re talking about people paying anywhere from 400 to 600 percent in interest for those loans, and that’s ridiculous.”

Being “in the hole” and “stuck” are two ways of putting it. Regular readers of Online Payday Loans would probably use the term Debt Treadmill from our Payday Loan Pitfalls category.

Leonard Toyer is a financial counselor with Army Community Service.

Source: Army Takes Issue with Payday Loans by Tamika Matthews (Army News Service)

If you are a member of the armed forces, read Financial Resources for Military Personnel in our Links section and Interest Free Loans for Military Personnel in our Payday Loan Alternatives category. The information in these link will help you avoid expensive payday loans, maintain your personal financial health and could possibly save your military career.

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