The fast military loan industry – taking a turn for the worst?
If you are a member of the military you stand to benefit from taking out a military loan. Normally you would just search on the internet and find the perfect active duty millitary loan quite quickly and easily.
As a member of the Army, Navy or Air force among others, you can more easily obtain a loan than the average person in the street. Military personnel are salaried employees of the goverment thus their job security is considered greater. However, this industry has become increasingly crowded and competitive over the years and in this article we look at the perhaps darker side of military loans. Recently, it was made public that Citigroup Inc could face claims that it overcharged many military personnel on its well-known home loans.
The group is encouraging these personnel to sign away their claims, but this means that they won’t receive adequate compensation, and understandably, they are not at all happy. Another company in a bid to gain a competitive advantage now offers same day military loan approval. Yet another company offers bundled items along with its military loan in order to attract more custom. In a recent press release they highlighted that among the items offered are the sought-after Beats By Dre headphones. Surely this is an indictment of the state of the military loans industry and serves as a warning call to policymakers? We hope that this trend does not continue to effect people’s judgement when looking for an army loan, although it remains to be seen.