Avoiding payday loan deals
Ben Franklin once said, “Beware of little expenses; a small leak will sink a great ship.” Think of a QAL as the damage control plug that can fix the leak and allow the ship to remain afloat. With a maximum loan amount of $300 and requiring only a Leave and Earning Statement and an active duty ID card as proof of obligated service, an absence of fines and sufficient income to repay, the QAL is a lifesaver for many Sailors and Marines. “The society’s intent was to confront high-interest payday loans on three fronts: legislative change, education and awareness, and no-interest alternatives for Sailors and Marines,” he said. “The National Defense Authorization Act of 2007 provided legislative relief from some of the most harmful aspects of predatory lending to service personnel and their families, including prohibition of payday loans, auto title loans and tax refund anticipation loans with interest rates exceeding 36 percent. “At the same time, NMCRS initiated a major education and awareness campaign at our full service offices around the world to make leadership, as well as Sailors and Marines, understand the dangers of short-term predatory loans. The last step was for the Society to offer a no-interest alternative to the payday loan, and the QAL program does just that.” “QAL is the Society’s little miracle program,” she said. “Sailors and Marines are treated with dignity, respect and fairness — as they are with all our other programs — and through their interaction with society personnel, they become aware of other ways we are able to assist, including our Budget for Baby program and education programs.pay day loan $300 - News
Non-bank payday lenders charge $15 per $100, but under California law they can only lend as much as $300 at a time. Officials at the bank would not reveal how many loan clients it has, but said customers who use payday advances seem satisfied.
In California, that's $45 on a maximum $300 loan to be paid in two weeks. But the newspapers, instead, call it an interest rate that grows to 460 percent with repeated loans every other week or so. Huh? When asked if payday lending leads to spiraling
Quick! How much is 15 minutes of your time worth? If you said “$300,” you're right, thanks to Navy-Marine Corps Relief Society's Quick Assist Loan program. The QAL program is the society's alternative to high-interest payday loans.
Proponents of raising loan limits say the $500 threshold sought under Calderon's bill is simply an attempt to catch up with inflation, since the $300 limit has been in place for 15 years. The nationwide movement to clamp down on payday loans began a
It was an investigative reporter's expose of the “payday loan” business and its lobbyists. According to the reporter: “In California lenders charge up to $45 in fees on a maximum $300 loan. This amounts to an interest rate of 460 percent, trapping some
It's Time to Do Away with the Payday Loan Industry | News
Review of Editorials
Imagine how the Golden State would shine if it had lawmakers with the moral character of Holly Petraeus, wife of CIA Director and retired Army Gen. David Petraeus. Holly has become an impassioned advocate for returning military veterans. In that capacity, she has taken on for-profit colleges and payday lending outfits who are trying to shake dollars loose from men and women who have served their country.
On the other side
We have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate’s largest recipients of campaign cash from the payday loan industry. At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. Lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan. But borrowers often have to take another loan to pay off the previous one.
Predatory
The Department of Defense has described payday lenders as “predatory” and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members. That drove the industry to civilian clients and places such as California, where Charles Calderon had passed a bill that legalized payday lending, capping each loan at $300. Now he wants the cap to be $500. Calderon, his brother and other lawmakers have raked in campaign contributions from the payday loan industry. The two Calderons received more than $81,000 from the industry between 2003 and 2011.
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