Do you believe Service members and their families are going to be able to find legitimate sources of short term cash without payday loans?
Yes. Military Relief Societies and several banks and credit unions associated with the military provide low cost alternative loans. Our intent is to support a movement towards these practices and to encourage local military leadership to work with their installation financial institutions to make these kinds of ‘work-out’ loans more readily available and to help Service members to use these opportunities to turn their financial situation around. The Defense Department strongly encourages servicemembers and their families to choose alternatives which offer products designed to help them resolve their financial crises, rebuild their credit rating and establish savings instead of using payday loans, vehicle title loans and tax refund anticipation loans which can propel someone already overextended into a deeper spiral of debt.
Related Questions
- A few members in our chapter believe we shouldn pay for a third-party collection service, because it is the treasurers job to handle chapter payment collections. Are they right?
- Do you believe Service members and their families are going to be able to find legitimate sources of short term cash without payday loans?
- Does the Fisher House Foundation provide monetary assistance to individual service members or their families?
