CFO Jeff Atwater Helps Lead Fight to Combat Fraud Against Military Personnel
Tallahassee, FL -- Fighting back for those who fight for us, Florida Chief Financial Officer Jeff Atwater today participated in a roundtable with national and state leaders on military and veterans issues, including Holly Petraeus, Director of the Office of Servicemember Affairs, to find ways to combat fraud targeted against military personnel.
As part of his Your Money Matter$ initiative, CFO Atwater has committed to improving financial education for the more than 1.6 million veterans and 58,000 active duty military stationed in Florida. Today’s roundtable, held at the Naval Air Station in Jacksonville, focused on scams, predatory lending products, housing issues, financial education, payday loans and car buying schemes targeting military personnel and veterans.
“Our military service members commit themselves to protecting and securing our freedom,” said CFO Atwater. “Today, we gathered with a team of experts to ensure that here, in Florida, we are making the same commitment to them by helping protect them from fraud and scams.”
Attorney General Pam Bondi, United States Attorney Robert O’Neill for the Middle District of Florida and other experts on military affairs also participated in today’s roundtable.
During the meeting, CFO Atwater noted that there is typically a strip of businesses located outside the gates of military installations filled with buy-here-and-pay-here car dealers, check cashing and payday loan operations, rent to own companies, and pawn shops targeting service members and veterans. Further, many lenders will use a business name that sounds military-affiliated to make service members think the company is catering to the military.
CFO Atwater’s Your Money Matter$ initiative includes online financial tools and information at www.MyFloridaCFO.com to guide Floridians in making sound financial decisions. Service members are encouraged to use these resources to help manage and reduce debt, and save money, thereby ensuring personal financial readiness.
Payday Loans To Military Members - News
But traditional banks that are now offering payday loan-style products have been able to get around those laws, offering short-term loans with interest rates far above the 36 percent annual limits set for members of the military. Sen. Jack Reed (DR.
Today's roundtable, held at the Naval Air Station in Jacksonville, focused on scams, predatory lending products, housing issues, financial education, payday loans and car buying schemes targeting military personnel and veterans.
The Military Lending Act was enacted in 2007, after a report by the Department of Defense found that 17 percent of service members used payday loans and that “predatory lending undermines military readiness, harms the morale of troops and their
As well, banks can now offer 300% payday loans to military service members by using a loophole in the law that normally limits military loans to 36% APR, according to the NCLC. Big banks began recently to look for ways to offset losses when the
Payday loan companies that charge high rates of interest are targeting members of the armed forces and ex-servicemen, according to a Labour MP. Stella Creasy, who represents Walthamstow, said the government must take action to stem a rising tide of
Things You Need To Know About Payday Loans For Military ...
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Because they are constantly engaged in the security concerns of the country, military personnel normally have little or no time to devote to monetary issues. It is a fact that these problems can happen to any family or individual most especially in this tough economic environment. Military payday loans are designed provide solution to urgent cash needs of military personnel between paydays. Another great feature of this type of payday loan is its instant availability. Since the earnings and occupation details of military personnel are readily available, processing of application for military payday loans is done quickly.
The procedure involved in getting this type of loan is fairly easy. A military personnel applying for a financial loan is required to present a personal post-dated check that indicating the loan amount including the service fee charged by the loan provider. The loan provider then issues a check to the borrower that amounts to the borrowed sum with the service fee already deducted. During payment date, the lender then draws back the money by cashing in on the check provided by the borrower.
Just like any other type of payday loans, military loans are really practical given that the lenders do not need to check the employment or income details military personnel. Upon approval, borrowers are able to get their money normally within the same business day. For this particular type of loan, there is no need for military employees to present any collateral to the lender. This is because the lender has already secured the loaned amount through the post-dated check provided by the borrower during application.
Military personnel can borrow amounts that range from $500 to $1000 depending on their salary and the money they have on their account. It would help the cause of the borrowers if they maintain ample amount of money in their bank account. This way, they no longer need to provide some kind of security with the lender in case they decide to borrower a relatively larger amount.