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Loan w/Pioneer Military Lending

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    #1

    Loan w/Pioneer Military Lending

    I know what your thinking right away. Its one of those predatory military lenders. Truth is it pretty much is. However its the only company that will offer me a loan and they say they report to the CRAs.

    Anyhow I wanted a small loan. Basically I want to fix up my truck when I go home for Christmas. Gonna put some new paint, replace a fender and fix a couple other small parts and pieces. I looked at the big name lenders and they wont touch me either cause I have no credit or the bankruptcy but regardless they wont touch me. Anyhow so I started looking around and found the link to their website on Army.com. Heres what they offered me:

    $1950 Loan
    35.25% APR
    Repayment - 15 Months
    Monthly Payments - $162.92
    Total = $2443.80

    I know what your thinking. Horrible deal right? Yea it pretty much is but I really need to build my credit and considering all my bills are at about $150 a month combined right now and I am brining home about $1200 I really don't have much to lose. What do you guys think? Another other lenders that might work with me? Should I go for it? I am worry about hidden charges and what not but I have read the paperwork several times right now and while the do sneak a few $10s in there everything seems legit. Just a tad worried since its not a big name lender.
    Tags: None
    #2
    Are you on active duty now?

    If so, contact the relief society for your service. They will loan you cash to fix any mechanical problems with your truck and will set up an allotment from your pay. No interest, no fees.

    IMHO, this place is a ripoff.

    But, since I refuse to borrow money or incur debt, MHO may be worthless...

    CPO US Navy (Retired)

    Comment

      #3
      That's obscenely high interest rate. I would personally explore other options that won't rip you off as bad. But again, if getting this loan is extremely critical just read the fine print and if you're still comfortable with it...then advance on the matter.
      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

      Comment

        #4
        You could get a better rate on a credit card.................
        Minny

        "It's amazing the paths that our feet sometimes follow in life".

        My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

        Comment

          #5
          The only thing that really good about this loan is that it's for a set term, unlike a credit card. Albeit, he will be giving way a lot of hard earned cash just borrow $1,950.00.
          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

          Comment

            #6
            It is a crazy rate but I do understand when nobody else will give you credit. If you are active duty you have a lot of other routes you can take. BTW what type of credit scores do you have and how long ago did you file BK? I was always told they don't give loans if you've had a BK? Good luck with finding another lender though I think you could do a lot better.

            Sara4

            Comment

              #7
              If you have the cash or can just save up the cash do that first. I always suggest persons recovering from BK to save thier cash for the first couple of years. Then start rebuilding credit. It's amazing how people are so quick to re-acquire/establish credit when its what caused them to file BK in the first place. It takes time to rebuild good credit...so to be overly worried about making it happen overnight! Being able to pay for basic things for cash is a very refreshing feeling, and so is having money in the bank. Many folks that rush to rebuild credit, wind up getting themselves back into debt within the first year, because of the difficulty it is to pay off the debt due to the predatory interest rates they were given!! Think long and hard before you make a committment to double digit interest-rate loans; especially ones that exceed the 'teens!
              The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

              Comment

                #8
                Well first off I am not in any debt at the moment. I declared bankruptcy without any credit (parents bailed on me during college and I had some big medical bills) and haven't built any credit until just recently. I have a credit card through USAA and based on my studies I am keeping the balance on it right around $100 which what I have read will show future creditors that I am responsible with my credit.

                I am going home and need to repaint my truck and replace the fender. While I am very responsible with my money I recently bought a new computer (mine finally died) which dipped a bit to far into the money I had planned to spend on fixing up the truck. I figured this might be a good time to see if I can get a small loan thus helping my credit more and making it possible to fix my truck, drive it home the 3500miles round trip, purchase Christmas presants and generally enjoy some time on leave with my old friends. I am in a good financial position and paying off the loan will be no problem whatsoever considering I live in the dorms and purchased my truck with cash.

                I could wait and save the money but then again I wont have the paint booth to do the work I need to do on the truck.

                Anyone know any place that would consider giving me a loan without credit and a BK? I cant seem to find anyone but this place...

                Comment

                  #9
                  While this suggestion doesn't solve your issue with getting a loan to repair your truck. But also consider getting a secured loan at your bank or credit union. As a way of re-establishing credit. Get two small secured loans from two different banks if you have to.

                  There are a lot of subprime creditors that are willing to take your money. Just do a google search or see what companies the folks at www.creditboards.com can recommend.

                  Good Luck!
                  The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                  Comment

                    #10
                    Well I taked to some guys at work and with using my truck as collateral I got a $2000 loan at 14.5% for 24 months

                    Gonna pay off early of course.

                    Comment

                      #11
                      Who was your loan through?
                      Chapter 7 Pro Se....Discharged Feb. 2006

                      Comment

                        #12
                        Sentinel Federal Credit Union. Basicall they were willing to give me up to 80% of my trucks worth of $4,700 but I didnt want anything more then the $2000. Payment are going to be $100 a month but I will likely pay off early.

                        Comment

                          #13
                          Not bad terms! Much better than your first offer. Good work on not taking the first thing that came along. You will be very happy for having done some research and this will be a great credit builder for you. Enjoy your newly repaired truck and thanks for sharing the info, and welcome to the board!!
                          Chapter 7 Pro Se....Discharged Feb. 2006

                          Comment

                            #14
                            Loan

                            Hey it does not look that bad of a loan, but if you are still looking you should check out OMNI Financial. They offer loans only to military personnel and if you get approved you get the money immediately. militaryloans

                            Comment

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