Loan Member Military Personal

Soldiers grill Fed chief on economy

Michael Pastelak has managed to fight in Afghanistan, flying Black Hawk helicopters for the Army, and run a successful small business - all at the same time.

But when it came to financing the expansion of his business, which he and his wife Rebecca recently relocated to El Paso, he had to give up.

While many small businesses are struggling to get loans more than two years after the recession ended, what's different about Pastelak's case is he was able to take his problem to the very top, Federal Reserve chairman Ben Bernanke.

On Thursday, Bernanke broke new ground in his effort to open up the Federal Reserve, offering financial advice to soldiers at a town hall event held at Fort Bliss.

It's one of a string of unprecedented town hall events the chairman is holding across the country, but it was his first visit to an Army post.

"I'm here because the men and women in military service, like all Americans, are profoundly affected by the economic challenges our nation has faced these past several years," Bernanke said.

After giving brief remarks at the Centennial Club on Fort Bliss, the Fed chairman stepped out from behind the podium and took questions from soldiers, including Pastelak, for almost 40 minutes.

"Sir, my wife and I are small business owners and I am just curious as to what the Federal Reserve is doing to help small business owners. You said that the loan rates are low, but that doesn't help when we have to have 100-percent collateral down just to secure a loan," Pastelak asked.

"It is a significant problem," Bernanke responded.

While banks are lending "quite freely" to large businesses, it's still tough to get financing as a small business, and "there isn't an easy solution to that," Bernanke said.

But the outlook is good for small business lending, he said, and the situation is going to get better as the economy strengthens and the prospects of small businesses look better.

Bernanke pointed out that, just the day before, he was at a Federal Reserve conference exploring ways to help small businesses.

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Because they are constantly engaged in the security concerns of the country, military personnel usually have little or no time to devote to monetary problems. It is a reality that these issues can occur to any family members or individual most specifically in this difficult financial atmosphere. Military payday loans are created supply remedy to urgent money wants of military personnel in between paydays. Yet another excellent feature of this kind of payday loan is its instant availability. Considering that the earnings and occupation particulars of military personnel are readily offered, processing of application for military payday loans is accomplished speedily.

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The procedure involved in obtaining this kind of loan is fairly simple. A military personnel applying for a monetary loan is needed to present a individual post-dated check that indicating the loan amount which includes the service fee charged by the loan provider. The loan provider then problems a check to the borrower that amounts to the borrowed sum with the service fee already deducted. In the course of payment date, the lender then draws back the funds by cashing in on the check supplied by the borrower.

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As with other types of payday loans, military loans are very practical options because the lenders do not need to further check the income details and employment info of the borrower. Following the loan application is approved, borrowers are able to obtain the cash that they loaned within the same company day. Also, military personnel are not needed to present any kind of collateral for this kind of loan. The reason becoming the lender has already secured the borrowed amount via the post-dated check that was issued by the borrower.

Military members are able to borrow amounts as low as $500 up to $1000 based on the income they earn and also the amount they have on their account. It would serve the borrowers nicely if they can maintain a adequate quantity of funds in their bank account. By carrying out so, they would no longer must submit some type of security towards the lender must they choose to borrow a greater quantity inside the future.

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