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View Full Version : Not Just Payday Loans....



Rusty Jones
08-26-2013, 03:53 PM
So, it looks like it won't just be payday loans that are off limits to military members. In addition, they're looking at installment loans (like Omni and Pioneer) and rent-to-own furniture.

I always thought that even doing that to payday loans was stupid. One thing that the military was never good at was treating its members like adults.

Everyone knows that these things are shit deals. Everyone knows. Sometimes you have no choice but to make deals with the devil. As long as you know what you're getting into and how you're going to handle it, why should anyone else care?

technomage1
08-26-2013, 06:35 PM
Caveat emptor apparently has no place in the military lexicon.

sharkhunter
08-26-2013, 09:02 PM
I've had to use installment loans lenders before because I couldn't get a loan from a bank. If the AF made these lenders off limits a while back, I would've been in real trouble. I know the interest rate was high, but at the time, I really didn't have a choice. But at the same time, if you make more than the minimum payment, you shed off some of the interest rate

CYBERFX1024
08-26-2013, 09:06 PM
I have done a rent to own option for my washier and dryer a few years back. I ended up paying it off early. But the good part to being a rent to own was that when I had a problem with the washer they came and repaired it.

It's sad that the military tries to control everything about what servicemen and women do.

Silverback
08-26-2013, 10:21 PM
So, it looks like it won't just be payday loans that are off limits to military members. In addition, they're looking at installment loans (like Omni and Pioneer) and rent-to-own furniture.

I always thought that even doing that to payday loans was stupid. One thing that the military was never good at was treating its members like adults.

Everyone knows that these things are shit deals. Everyone knows. Sometimes you have no choice but to make deals with the devil. As long as you know what you're getting into and how you're going to handle it, why should anyone else care?

Rusty Jones,

The AF has programs in place to prevent Airman from using these places. The Airman & Family Readiness Center has a wealth of information as well as assistance. Also, credit unions on base give signature loans that can be used for many purposes. Usually it gets paid back through allotment. I get that everyone in the military should be treated like adults. I look at it as a way to prevent the more junior folks from getting into trouble early in their career.

garhkal
08-26-2013, 10:29 PM
I have done a rent to own option for my washier and dryer a few years back. I ended up paying it off early. But the good part to being a rent to own was that when I had a problem with the washer they came and repaired it.

It's sad that the military tries to control everything about what servicemen and women do.

I've known plenty of sailors who used rent to own businesses. only 3 ever had a bad word about them (slow delivery of the goods they rented, slow to get out to repair them)..

CYBERFX1024
08-27-2013, 03:14 PM
I've known plenty of sailors who used rent to own businesses. only 3 ever had a bad word about them (slow delivery of the goods they rented, slow to get out to repair them)..

I never had a problem with them at all. There was only one hiccup with them when they came to install the washer and dryer, but it wasn't their fault at all. When the guy installed the washer he hand tightened the connection for the water and when he went to wrench tighten it, the whole spigot snapped off and was spewing water for literally an hour. This was in base house down in Beaufort SC and the piping was decades old, so it wasn't his fault. But the house we just moved into was flooded.

garhkal
08-30-2013, 05:11 AM
DOH!
Almost sounds like the one transformer i got from base housing when living in England. popped the circuit breakers cause someone wired it backwards or something. So everytime it was plugged in it would pop the breaker. Had to take it back.

CYBERFX1024
08-30-2013, 05:37 AM
Yeah I know right. Needless to say my closet smelled like mold the rest of the time I lived there because housing did a shi%ty job of cleaning the water up.

Pullinteeth
08-30-2013, 01:28 PM
I have known people that have used both the rent-to-own and payday loans and back when I was poor, my wife used a payday loan place without telling me. Neither one are ideal but they don't pretend that they are a charity. They want your $$ and when you are over a barrel.... One thing that did amuse me about the rent-to-own was that the SSgt that did it had more stuff than I did (TSgt) and it was nicer-for a hot minute. Eventually they trashed it and the rent-to-own company had their truck parked in the neighborhood to try to catch them at home to get their stuff back... Personally, I don't NEED an X-box enough to have a burning desire to pay $1,000 for one...

CYBERFX1024
08-30-2013, 03:01 PM
I have known people that have used both the rent-to-own and payday loans and back when I was poor, my wife used a payday loan place without telling me. Neither one are ideal but they don't pretend that they are a charity. They want your $$ and when you are over a barrel.... One thing that did amuse me about the rent-to-own was that the SSgt that did it had more stuff than I did (TSgt) and it was nicer-for a hot minute. Eventually they trashed it and the rent-to-own company had their truck parked in the neighborhood to try to catch them at home to get their stuff back... Personally, I don't NEED an X-box enough to have a burning desire to pay $1,000 for one...


That's the thing as well. People use the rent to own option to buy expensive things when they don't have the money to buy them in the first place. So they are just digging themselves a hole. When I was in that store everything looked nice and clean, and there were a few of those " I would like to have that" but I was sensible and only got a decent washer and dryer. That was in 2007 and they were still running as of the beginning of this year. That is until my ex-wife sold them for more drug money.

garhkal
08-30-2013, 05:59 PM
Heck, when in norfolk, i used those car title places as a means to try and get my credit score up (get a lone and pay it off before due).