The military has a much more powerful weapon. Any post commander can declare all pay day loan companies off-limits. It's as simple as that. Soldiers with problems can be referred to Army Community Services, which can not only give emergency loans, but also counsel the soldiers in financial management.
Don't worry. The "dirtbags" aren't able to service people in the military any more.
They'll have to go to "loan sharks" for advances, if they can't find any other way.
Mark
The best thing the military can do is educate the troops on these dirtbags. I don’t like nanny statism but I also loathe predators like payday lenders.
The military is getting better. They now offer interest free loans for 500.00 to anyone who needs it. Just need to go through the Chain of Command probably up to the Master Chief or First Sargeant. This is good in that it not only helps the service member, but also allows the command to know who is having financial problems and get them some help.
You posted, in part:I don’t like nanny statism but I also loathe predators like payday lenders.
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Back when I might have needed one, payday lenders didn’t exist (formally). I don’t think I would have ever used one. I would have gone to family or friends in the unlikely event I had incurred debt beyond my ability to pay. I would not advocate anyone using these loan “services” but I don’t like the idea of making them unlawful. I am not sure payday lenders are “predators” as many call them. Their stores are open, but then don’t, as far as I know, go out seeking individuals to borrow money from them. As for the annualized interest rates (probably disguised in part as service charges), I am not convinced they are out of line. These are unsecured loans, made to people who apparently have no assets to hock or sell, with a pretty high risk of default. The maximum amounts are pretty low ($300) and the term is short (two weeks). As long as the terms are clearly disclosed, people need to learn to make their own decisions, and live with the consequences.
There must be a market for these loans, as we seem to hear a lot about them.