Attorney General Announces Zero Percent Loans For Military
POSTED: Wednesday, August 10, 2005
JACKSONVILLE, Fla. -- Attorney General Charlie Crist joined with several military organizations and advocates at Naval Air Station Jacksonville Wednesday to spotlight the availability of an alternative to costly financial arrangements.
Crist announced that the Navy/Marine Corps Relief Society is providing zero percent interest loans to assist servicemen and women in their efforts to get out of debt. Zero percent loans will be available for those seeking to repay high interest payday loans, as well as assisting those with emergency financial needs.
"Zero interest loans are a godsend and a financial lifeline for military families," Crist said. "Thankfully, there are organizations who care about the well-being of those who give so much to our country."
Payday lenders loan servicemen or women a portion of all the amount of their anticipated salary and require repayments at high rates within a short period of time. The exorbitant fees make it difficult for borrowers to escape debt.
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