MARINE CORPS AIR STATION MIRAMAR, Calif. --
The Navy Marine Corps Relief Society recently introduced a loan program designed to offer Marines and sailors an alternative to payday lenders.
The program, which officially started Monday, correlates with efforts by Marine Corps leaders to rein in the negative impact of predatory lending practices.
Recently, Maj. Gen. Michael R. Lehnert, the commanding general of Marine Corps Installations West, asked the Oceanside, Calif., city council for assistance in controlling payday lenders and their often predatory lending practices.
Legislation that takes effect Oct. 1 limits the amount of interest payday lenders can affix to loans. In light of this legislation, some payday lenders may stop offering loans to military members and their families.
The relief society’s new program addresses issues such as these by offering Marines and sailors a loan of up to $500 interest free.
“This program gives Marines and sailors a way to take care of essential expenses in unexpected situations,” said Ann Evans, director of the Navy Marine Corps Relief Society here.
Currently, only relief society offices in the San Diego area offer the loan program, officially titled quick assist loans.
The relief society hopes to offer the program throughout the Navy and Marine Corps by the beginning of 2008.
For more details, visit www.NMCRS.org.