Wendy Gibson
“We’ve had a lot of people upset. It has been hard the last few days telling them that we’re no longer able to make [payday] loans to people in the military.”
According to payday lender Wendy Gibson, armed forces personnel are upset over the Military Lending Act that went into effect on Monday because it limits their consumer loan choices…
The Military Lending Act imposes a 36 percent annual interest rate cap on payday loans to military personnel. That works out to about 10 cents a day on a $100 loan or $1.40 on a two-week loan. Payday lenders such as Darrin Anderson, Lyndsey Medsker, Larry Nuckols and Dennis Brassford consider the law a de facto ban on payday loans to military personnel.
Gibson said that military personnel upset about the new law are unlikely to complain:
“And what is sad is they seem hesitant to speak out for fear of offending their superiors in the chain of command.”
Wendy Gibson is the store manager at Check City in Ogden, Utah. Her store serves military personnel from Hill Air Force Base.
Source: Payday Loans Not for Military – Interest-rate Law Went Into Effect, Stirring Discontent by Steven Oberbeck (The Salt Lake Tribune)
If you are in the military and need emergency funds, please check out the interest-free and low-cost alternatives discussed in Military Lending Act – Payday Loan Alternatives for Armed Forces Personnel After October 1st, 2007.
Recent Posts:
- 07/12/2011: Expanded Contact Info Page
- 06/11/2011: Internet Crime Complaint Center (IC3)
- 05/18/2011: Added Full Contact Info Page
- 05/15/2011: Payday Loan Site Traffic Comparison Update – May 2011
- 05/10/2011: IP Ban for Ratings Abuse
Random Posts:
- 06/08/2007: Rose Tubens
- 07/26/2006: Use Only for Emergencies
- 08/31/2006: Amy Gibb
- 06/17/2006: Advance from Employer
- 09/18/2006: Senator Lowell Barron
a WordPress rating system