Pioneer Services 'Help Loan' a responsible alternative to payday loans

In order to offer an alternative to payday loans, Pioneer Services created the "Help Loan" in 2003.  This short-term installment loan is a one-time loan of $500 with only $25.24 in interest and fees, payable in four monthly installments with a 30-day grace period until the first payment. It offers a disciplined and financially responsible way for service members to get money for unforeseen expenses and comes with the standard Pioneer Services 15 day no-cost satisfaction guarantee.

"The Help Loan was created to give service members an alternative to payday loans that is fiscally sound, affordable, and can't be rolled over," said Pat McCarty, Executive Vice President for Military Relations. "It's a terrific way for military families to obtain emergency funds without getting caught in a never-ending cycle of debt, something that happens frequently with payday loans, check cashing services and title loans."

The Help Loan has been available for two years and is one of the many Pioneer Services available to help service members meet their cash needs and keep their focus on their jobs rather than worrying about financial issues. Recent studies have also suggested that predatory and questionable lending practices target the military community, putting service members in financial harm's way.

One such study, Predatory Lending and the Military: The Law and Geography of "Payday" Loans in Military Towns, conducted by a pair of university professors, claims there is "irrefutable geographic evidence" that payday lenders actively and aggressively target military personnel.

"Because predatory lending practices have become a huge issue for military families, we are proactively marketing the Help Loan as a better alternative," said McCarty.