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Short term lenders investing in public projects

Oct 11, 2012 Quinn Thomas

BadCreditLoans.com invested in a memorial honoring the victims of the September 11, 2001 attacks last month, demonstrating another charitable donation by short term lenders. While 2007 saw legislation limiting the use of short term loans by active military personnel, which some called legislative overreach, the ban has not seen a limit on spending by lenders on military projects, the New York Observer reported. Some view the ability to get their paycheck ahead of time as an incredible opportunity that can allow them to pay emergency expenses and avoid defaulting. Pew reported that $7.4 billion is spent on short term lending each year and it appears that lenders are more than willing to return some of that profit directly back into communities, according to The Observer. BadCreditLoans.com stated that the decision to fund a September 11 memorial was done out of respect for the troops. The company said that they respect the decision to ban military short term loans and the memorial had no ulterior motive in order to change the law. Short term lenders can sometimes receive heightened scrutiny in comparison to other industries, but the practice is gaining momentum. For example, banks and large enterprises have entered the market, the Charlotte Post reported. With greater competition, consumers are seeing better security and strengthened loan rates.