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Payday loan dealers taking toll on military

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SACRAMENTO – High-interest lenders clustered around Southern California’s military bases target young soldiers, sailors, Marines and airmen, causing not only financial harm but jeopardizing the nation’s fighting readiness, military officials told state lawmakers Tuesday. The officials want changes to California’s payday lending, lemon vehicle and other laws to help members of the military. At an average age of 19, many recruits are seeing their first steady paycheck without having experience in loans and other financial transactions, the officials said. Some insurance vendors employ former members of the military to sell current members life insurance they don’t need, the officials said. Other businesses offer upfront cash in exchange for a claim on future pension benefits, credit experts said at a hearing. “They prey on our young when they’re most vulnerable,” said Sgt. Maj. Wayne Bell, who spoke on behalf of the commander of Camp Pendleton-based Marine Corps Installations West, which consists of 65,000 Marines and sailors at seven California and Arizona bases. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinalsA top reason members of the military can’t deploy overseas is because indebtedness affects their security clearances, said Capt. Mark D. Patton, commanding officer of Naval Base Point Loma. The number of revoked security clearances has increased 1,600 percent since 2000, Patton told the Joint Committee on Boards, Commissions and Consumer Protection. Patton heads the military’s regional payday loan task force that is trying to discourage their use. There is not much lawmakers can do to combat legal lenders, said the committee’s chairwoman, Sen. Liz Figueroa, D-Fremont.last_img read more