cash-advance
I was in taking another payday
advanced, when I had to sign
a waiver that I was not in the military.
I inquired as to why, and was informed that if you are
military
personnel or an immediate family member to one, you are not allowed to
take out
this type of cash
advance. I
asked why
and was told that apparently the government does not support these
types of
businesses and are in the process of trying to shut down the whole
industry.
Don’t get me wrong, I do
understand that the interest
charged on these loans is truly quite substantial; however, our
government is
not interfering in this because they are concerned about that. They are truly only
concerned because these
companies provide a service to people who have bad credit or no credit,
that
our government can and will not provide.
I believe that the government is trying to knock them out
because they
are the competition, but truly they provide loans to people who are in
immediate financial need quickly and easily and most importantly
without
credit. This is an
important service,
and one that many people have needed to take advantage of at one time
or
another and it truly frustrates me that in a time of financial
hardship,
military families cannot take advantage of this service.
Our government has created a huge
amount of financial strain
on the people in this country and especially on military reserve
families, who
never anticipated that they would be sent off to war for 6 months to 2
years at
a time. To think
that in their time of
financial need that they are unable to take out a Payday
loan to me seems a bit
absurd. I
mean if the government should
want to help anyone; it should be those who are putting their lives on
the line
for this country.
Occasionally, everybody needs some financial assistance, and unfortunately taking a payday loan can be a difficult decision as once you start taking it, it becomes difficult to pay back. Many people get caught up in this cycle of taking out a loan then immediately after paying a loan taking it back out again. Unfortunately, once people start taking out this type of payday advance, it seems that they always come back because it is an easy way to catch up on bills quickly and the immediate fix is always more attractive to Americans than the long term one.