• Report: #375095

Complaint Review: Military Financial

  • Submitted: Mon, September 22, 2008
  • Updated: Mon, September 22, 2008

  • Reported By:Green bay Wisconsin
Military Financial
https://www.militaryfinancial.com Internet U.S.A.

militaryfinancial.com - Military Financial We Charge Outragous Amounts of Interest For Borrowing Internet

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How would you like to lend money from a payday lender, or Military Financial they are people that claim they are in legal compliance with military lending laws but it just doesn't make any sense since they charge more interest then most payday lending institutions. Borrow 100$ if you could since the minimum is 200$ and pay it back to them over there payment plan and wow, you will have paid them an annual percentage rate of well over 500% I wish I opperated this kind of shady business I would be rich, but wait isn't it illegal to charge that much interest I think so since there is an act that was made in 2007 stating the maximum amount of interest one in the military could be charged is 36% annually, how do they get around this, well the rules in the 2007 military predetory lending act state that if it's a line of credit your not protected, my question here is so you can protect me from a payday loan I borrow 100$ and in 2 weeks pay back 115$ still under the 36% annual percentage rate if you look at it that you paid 15% for 2 weeks but, I can borrow from these guys for 2 weeks the same 100$ and have to pay back, $122.40 22.4% interest, but you forgot something here the minimum you can borrow from them is 200$ so you would have to pay them back 244.80 still above the other guy buy quite a bit, but what makes it even more convienent for you is that they make it easy to pay them back, borrow 200$ and in 3 weeks we debit your account 184.83 or something along those lines, then in 3-4 weeks we do it again 184.83, then at the end of the month we debit the remainder of the interest, 30.40$ or so. I have not used them to borrow any money and I would suggest that we do something to shut these guys down I would hate for the E-1-010 to get caught up in this one especially if they did not read the entire contract that they so convieniently make up for you if you apply for a loan there with them.

Green bay, Wisconsin

This report was posted on Ripoff Report on 09/22/2008 03:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Military-Financial/internet/militaryfinancialcom-Military-Financial-We-Charge-Outragous-Amounts-of-Interest-For-Bor-375095. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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