Soldiers targeted by payday loan companies

Debt campaigners have warned that some payday loan companies are targeting soldiers with high interest loans.

Stella Creasy, Labour MP for Walthamstow, East London, told Money Online: “Our Armed Forces make enormous sacrifices for the sake of our security, so it’s only right we give them the protection they deserve at home.”

According to the Royal British Legion’s Money and Benefit Advice Service, unsecured personal loans were the major reason soldiers contacted the organisation last year. Easymilitaryloans, a company set up specifically for those in the forces, targets soldiers – offering payday loans of up to £1,500 without credit checks. The interest charged is 2,120 per cent.

Quickquid also used to have a section on its website which was entirely for the military. This has since been removed.

Debt charity Credit Action’s Liz Dunscombe said: “The fact soldiers are in a fixed base means they are also easy to track down.”

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