Military Financial

OMG! Magnum doing military pdl's? OMG! Great job posting this, 2ndband. :shock:

2nband..there is a person on the It gets crazier every payday thread that has this company and was asking about it...Thank you for posting this. I hope he reads it.

Roxy

Yea Roxy, antonio.flores...poor guy but he came to the right place for help This is bu**shi&^. Anyone who targets our military for this is the lowest of low scum. I am a military child and $$ was tight enough the way it is.

I believe 2nd band was referring to that individual. Which is what made her research it further. At least, that's my understanding. But, who am I? :wink:

Now I am connecting the dots....ahhh, grasshopper catches on quickly :wink:


Who are you? You are cannr...foiler of all pdl's!

Volley..you are too funny!! Cannr - it just takes some of us a little longer to catch on...especially when I am supposed to be working :lol: An I agree with Volley about those targeting the military..and I am happy to read from Frog's post (even though he thinks we are not interested in it) they are trying to do something about it.

Thanks for the help on researching this company. I greatly appreciate all of your help. This forum has shown me there is a way out of this mess

Your help is greatly appreciated!!

Yes, that is who it was. LOL What is funny, on their website they say they cannot offer someone a loan if their Direct Deposit goes into a Pentagon FCU Savings Account. Interesting!!!!!!

You are welcome! That is what I am here for. Been in a mess myself and still dealing with some things, but out of PDL's and want to assist others in getting out of things.

How much did you borrow from them and how much have you paid back? Also what state are you in?

I reside in Ca.

The company operates in a 4 payment plan. The four payments are calcuted from the total amount owed, which is the principal + the interest (613.9%). In the end I pay close to double what the principal is. "Re-Doing" the loan is encouraged by whats called a "Rapid Cash". After every 2 payment I qualify for a renewal. Which means they pay off the remainder of my loan after my first 2 payments and give me the difference in "cash in hand". I cannot afford either, pay in full or make it without renewing every 2 payments. Each payments eats up 2/3 of paycheck.

I have been "renewing the same loan since Feburary 2007.

Example of my last "renewal". Note: My loan limit is capped at $925.00

I had an open balance of $659.00 from the previous month after 2 payments of $429.00

Once I renew I get the difference of the balance and my loan cap limit deposited into my account and the contract gets renewed with a set of 4 new payments. So with my current loan I got $266 deposited into my account and 4 scheduled payments of $415.00 adding up $1659.00

OMG...That is outrageous. How decent of them to do you a favor and allow a renewal ...not!! 2nband..does he have to keep paying?

I am not sure of the law for CA, so if someone has the time to find it, that would help out a whole bunch, but personally I would not think so, but don't quote me 100%. I am sure someone will come along that has a little more knowledge as far as CA goes. Wish I had more time right now to do a little more research, but we are in a transition with our PM leaving last Friday and now having our Estimator fill in (he is so **** and is driving me nuts). I will check back a little later to see if anyone has come up with some information.

[color=Red]****Adult term removed - Jason[/color]

Okay. I've got the CA pdl law. However, are we back to the question of "is this considered a pdl"????
You will find the Payday loan laws for California here (just select your state),

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Hey there 2nd..check antonios other post for the CA laws.

Cannr - I would say we are back to that question..How do we find out? or do you know the answer already?

Hey cannr did you get my pm?

The information on their web site states:

"The Original Military Payday Lender"

"Advance Payday Loans Since 1999"

So this would lead me to believe they are payday loans and also the fact that they are also Magnum.

They have a Q & A section on their website for those that want to look at it, which might help in giving some of the more knowledgeable people a little better idea how these people work and how we need to go about helping this person out. On their website they state they do report to Teletrack if a loan is defaulted, etc, but I really believe they are a payday lender, just doing things a little differently then the regualar one to try to look more appealing.

Do I need to advise the company that I will be placing a debit block on my account?

I jsut read that FAQ . . . . Hmm . . . That is interesting . . . . They are actually licensed in DE too!

But they aren't licensed in CA. So they are operating illegally. This company is defrauding our military members! :twisted:

No! Do not tell them you are placing a hard debit block on your account. They will just try to hit it before you can get the block on. Do not contac them until your bank account is protected.

After constant research and with the great help from all of you I have found the following link.

http://www.corp.ca.gov/enf/info/dr/06pdf/Military.pdf

I now have something to present the company that has been controlling my money for the past year or so.

Awesome! CA has already gone after this company! That is great!

Have you filed a complaint yet against them? You need to do so, your state needs to know this company has not stopped it's lending!

what is a bbb site

Better Business Bureau . . . . It keeps track of businesses and how many problems they are having.

Once I block my account, what information do I send to the PDL companies? I am trying to draft a letter to send to all my PDLs but I honestly do not have a clue on what information to include in it. I know I will have to include California laws in it.

Also one of the PDLs i have is from Costa Rica. There is no way to contact the company. I know I recieve a call from them everyday before a payment is made.

Antonio...just sent you a PM

WoW!! That letter is great. Thank you very much!! I spoke to the bank and its not good news from them. I cannot close my account cause my DD goes in on Friday, my paycheck would be floating till Mon-Tues, and closing it will not guaruntee it is not re-opened by and ACH transaction from a PDL. A hard block is not an option through my bank.

I will be stuck having to pay minimums on all the loans and illegally "renewing" one just to catch up on my bills for one more payday. I will continue on the fight, this is not over.

If I were to send the letter to the PDLs before my payments are due and they still debit my account, can they be held liable for that?

Sometimes ago, I applied to Military Financial. They took my information and said hey would "get back to me". Well...here's the thing. First they told me that, " they couldn't find any military records, on me, at all." ( kinda funny, since I've been in for 12 years.) THEN.. they said they only, " loan to Active Duty." I don't know what state they are in, but, let me tell ya..ANY PDL, that a military personal, applies for, will be turned down. Why??,,,,,,,,because PDL's are illagal, through the military. A friend of mone, applied through Military Financial. When the comapny found out she has a 'government' direct deposit, they turned her down. NOW.......her name is 'flagged' from other military sites. Some PDL sites,DON"T ask if you are in the military.so, becareful. If you are in Active Army ( which means full time military personal) these PDLs won't touch you!!! They aren't suppose to..anyway.

This site has been a blessing to me. I never thought I would make it out of this mess.

I am going through the Consolidation Company off of this site that is gonna help me with a settlement to completly clear these PDL for good. Finally!!!

There is always hope and you have come to the right place. Very knowledgable people here. Good luck. Keep us updated on your progress.

ladybug

Tony, first of all, I have to tell you, I feel your pain brother. I haven't told "My Story" yet, but will soon.
I'm dealing with these same people even as we speak.
My fist piece of advice to you, you have to talk to your chain of command. No if's, and's or but's. If you care about your career, it would be better if they heard this from you, than from a debt collector, etc. Also, they will probably refer you to the Army's Relief Society, not sure what it's called, but the Army has one. They'll help you in anyway they can. You have to be completely honest and open with them, its tough, but if you're not, they might not be able to help you, and you might get into more trouble for not telling you the truth. Trust me man, it gets easier once all this is out.
This company is not licensed in my state, and according to state law they can't collect or more red cent from me. They're also not allowed to contact my command, anything like that. So as far as I'm concerned, they can go to hell. I've paid them back more than I should have. They've broken so many laws man, I could probably sue them.
Bottom line, you can't fix this on your own. You have to get help. This site is great for ideas, but you have to talk to your command. The Army will not kick you out for making mistakes. But like I said, you have to be honest and upfront with them.
I wish you all the best brother. Keep me informed.

Going Deep

If anyone can stop PDL's from harrassing mikitary personal, it's the military. I serve in the Army, and I had a PDL, who CONSTANTLY called my 'Chain of Command' about the issue. Finally.the 'chain of command wrote a HIGHLY EFFECTIVE letter to the Commonwealth of PA ( state where I live). I haven't heard from this company since then.