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Consumed by payday loans: State legislators offer haven for lenders deemed ...

Facing government crackdowns around the country, payday lenders are thriving in lightly regulated California, where they lure hundreds of thousands of desperate borrowers a year despite punishing, triple-digit interest rates.

Seventeen states and the U.S. military have effectively banned payday loans, which attract low-income borrowers who need a cash advance on paychecks. Georgia has declared payday lending to be felony racketeering. But in California, payday storefronts outnumber Starbucks coffeehouses.

Neon-splashed businesses touting slogans like "Cash as Easy as 1, 2, 3!" promise hassle-free, short-term loans, while few borrowers heed the fine print: A two-week loan will saddle them with what amounts to an annual interest rate of 460 percent.

Now, the multibillion-dollar industry is looking for more help from a state Legislature that has protected payday lenders for years.

A Bay Area News Group investigation shows payday lobbyists are pumping increasing amounts of contributions into campaign coffers, targeting lawmakers with low-income constituents who use payday loans. And some of the biggest recipients of that money are now backing an industry-friendly bill that would boost loan amounts and fees, fueling the lenders' bottom lines while driving many recession-battered Californians deeper into debt.

"There's a crackdown going on in all the rest of the states, and payday lenders are trying to figure out how to offset the lost revenue," said Uriah King, vice president of state policy for the nonprofit Center for Responsible Lending. The lenders, he said, have decided "to make up the difference on the backs of struggling Californians."

Despite outcries from consumer advocates -- who liken payday loans to financial quicksand -- the author of Assembly Bill 1158, state Assemblyman Charles Calderon, D-City of Industry, calls them "the best loan on the market."

The lawmaker, considered the father of payday lending in California, insists he doesn't see the loans as a threat to his constituents. Instead, during a May hearing on his bill, Calderon described them as a solution for a single parent short on money for a child's prescription, or someone "wanting to borrow $50 to take their kid to Disneyland.

A brief guide on military cash advance loans

Military personnel are the nation’s defenders. Army military personnel are trained to protect us worldwide, so no doubt they get to enjoy some benefits that civilians have no access to one, but other than those benefits, a military man like any other civilian has some basic and daily needs. Some of them may arise from sudden expenses or a family emergency.

As each of us, they may also need some immediate funds for unforeseen expenses, which is the main reason why men in uniform can be in need of cash advance money mutual , as well as civilians.

Payday loans: what is this?

Cash advance is basically a short term immediate assistance that is offered for a total of $ 100 to $ 1500 for borrowers with the payback period set to 14 days. An interest rate is generally high compared to regular long term loans, though payday loans are provided without any credit check or paperwork. See more below:

The distinctions of military cash advances

But what remains an issue here is that if cash advance available to all citizens of the United States, how are military loans different? The fact is that these special military cash loans are a way to make these men and women in uniform feel important by giving them some proof of gratitude.

In addition, military payday loans offer special features and systems that are not offered in payday loans for civilians.

Military loans are available to all ranks and branches of military services. Special rate of interest that is lower than typical rates of payday loans. The loan amount available ranges from $ 100 up to $ 10,000.

If you want to compare the average military loan amount with the amount of cash advance given to other people, you can check the following graph, which shows us that the average loan amount in Virginia in 2009 was $370.61

First of all, military payday loans offer low interest rates. Then they enjoy very flexible payment options, when soldiers can choose whether to repay the loan on their next paycheck or spread the repayment over a period of time. Of course, there is no discrimination against the rank and status of servicemen, particularly in terms of interest rates.

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