|
Overview |
What to Look For |
What to Do |
What to Avoid
What to Expect |
Troubleshooting
Payday lending, short-term borrowing against future paychecks at high interest rates, impacts 20% of our military community, and can create serious financial hardships for military members. Fees average $15 to $30 for every $100 loaned. “Rollovers” can quickly ramp up the fees. For example:
|
Original due date |
2 week rollover |
22 week rollover |
Loan Amount |
$500 |
$575 |
$575 |
15% Fee |
$75 |
$75 |
$750 |
Amount Due |
$575 |
$650 |
$1325 |
- Leaders should ensure that all new joins are educated about the location of the nearest legal assistance office.
- Immediately refer any Marine facing financial issues to the command financial counselor, and legal assistance office for help.
- Delay in referrals for help.
- Regular visits by the Marine to the legal assistance office
- Resolution of high-interest loans from newly-enacted laws.
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