Military Loans Biography
On his drive to work each day at Naval Station Mayport, in Jacksonville, Fla., retired Navy Capt. Bill Kennedy, a former aircraft carrier commander, passes three pawnshops, and two Cash Advance and two Florida Internet businesses.These businesses, all within the final two-mile stretch before the base's main gate, anger Kennedy, who now heads a branch of the Navy-Marine Corps Relief Society. This nonprofit agency provides Navy and Marine Corps families with financial assistance and interest-free loans during family crisis.Kennedy said he has helped hundreds of military families who have sought financial relief from what he calls "quick-cash" businesses and who ultimately get "hooked" into a relentless cycle of high-interest loans.It's a poor choice," Kennedy said. "They don't have credit with the credit union, they don't have credit at the bank, they don't think of Navy-Marine Corps Relief, or they think of it too late. They see this instant cash and 'boom,' they're hooked."On May 27, Kennedy was a part of a team of consumer advocates in Washington to talk about businesses they say are preying on the military, by offering quick cash through high-interest loans. During a press briefing, Steve Tripoli, a consumer advocate with the National Consumer Law Center, accused "quick cash" lenders of targeting the service members and veterans with unfair lending practices.
On his drive to work each day at Naval Station Mayport, in Jacksonville, Fla., retired Navy Capt. Bill Kennedy, a former aircraft carrier commander, passes three pawnshops, and two Cash Advance and two Florida Internet businesses.These businesses, all within the final two-mile stretch before the base's main gate, anger Kennedy, who now heads a branch of the Navy-Marine Corps Relief Society. This nonprofit agency provides Navy and Marine Corps families with financial assistance and interest-free loans during family crisis.Kennedy said he has helped hundreds of military families who have sought financial relief from what he calls "quick-cash" businesses and who ultimately get "hooked" into a relentless cycle of high-interest loans.It's a poor choice," Kennedy said. "They don't have credit with the credit union, they don't have credit at the bank, they don't think of Navy-Marine Corps Relief, or they think of it too late. They see this instant cash and 'boom,' they're hooked."On May 27, Kennedy was a part of a team of consumer advocates in Washington to talk about businesses they say are preying on the military, by offering quick cash through high-interest loans. During a press briefing, Steve Tripoli, a consumer advocate with the National Consumer Law Center, accused "quick cash" lenders of targeting the service members and veterans with unfair lending practices.
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